Do not rule out role of foreign hand in Male crisis: GMR
GMR's problem over the Male airport started following the Maldivian government's termination of GMR's 25-year contract, which the company termed as "arbitrary". Maldives government has also directed GMR to hand over the project by Friday
GMR, meanwhile, had secured a stay from Singapore High Court on the order, but Maldives termed its decision as "non-reversible and non-negotiable".
As per media reports, GMR could be evicted out of the airport project in case it does not vacate the airport after the deadline expires.
GMR Male International Airport's CEO Andrew Harrison, who also joined today's press conference over phone, however, said the island nations's Defence Minsitry has made it clear that no force would be used.
GMR is yet to calculate the compensation in case it has to go out prematurely from the project, Kapur said, adding Maldives Attorney General has calculated that at USD 700 million.
"However, it could much more than that. Compensation due to GMR due to the illegitimate cancellation of contract by GoM may put significant and avoidable financial burden on the people of Maldives," he added.
On the other hand, GMR consortium, he said, would give more than USD 2.5 billion to the Government of Maldives over the concession period.
"Moreover, the government will receive more than $1 billion through PSC, duties and royalties," Kapur said.