Male govt rejects Singapore court order on GMR
According to GMR, the contract provided that in case of dispute, either the law of Singapore or the UK would prevail. However, Maldives said no injunction could be issued against a sovereign state and that its decision was “non-reversible and non-negotiable.”
“The High Court of Singapore has granted injunctive relief against the applicability and operations of letter dated November, 27 issued by the ministry of finance and treasury (MoFT), government of Male,” GMR said in a statement. “We would fight for our rights all the way through the court. That is very clear,” Andrew Harrison, CEO of the GMR airport project, told a news channel. “We expect that under the terms of the concession agreement...any orders issued by the (Singapore) court would be respected, because that is enshrined within the agreement,” he added.
“We will continue the airport takeover and Inshallah, next Saturday onwards, state-owned Maldives Airport Company Ltd (MACL) will be running the airport,” Mohamed Nazim, defence minister and acting transport minister, told reporters in Male on Monday, according to agency reports.
On the Bombay Stock Exchange, the GMR Infrastructure scrip rose 5.36% to end at R19.65, on a day when the benchmark Sensex fell 0.18%.
On November 27, acting on Maldivian government's instructions MACL terminated the
Be the first to comment.