Singapore HC stays termination of GMR Male airport contract
The move is likely to pave way for the GMR to continue operations at Ibrahim Nasir International Airport (INIA) in Maldives.
"GMR Mależ International Airport Pvt Ltd (GMIAL) is pleased to advise that the High Court of Singapore has today granted injunctive relief against the applicability and operations of Letter dated November, 27 issued by the Ministry of Finance & Treasury (MoFT), Government of Male," GMR Infrastructure said in a statement here.
As per the contract in the project, in case of differences between various parties, the law of either Singapore or UK would apply.
The statement said the High Court upon hearing both the parties granted the stay in favour of GMIAL, a joint venture company in which GMR Infrastructure (GIL) has 77 per cent stake and Malaysia Airports Holding Berhad (MAHB) the remaining 23 per cent stake.
"Both Maldivian Airport Company Limited (MACL) and MoFT, pursuant to the notice issued on 27th Nov 2012 either directly or indirectly, are not allowed to interfere with the rights of the Investor (GMR-MAHB consortium) under the concession agreement," the statement said.
With this, GMIAL shall continue to operate the INIA airport as usual as per the provisions of the Concession Agreement, it added.
The MACL, based on the directions of the new Maldivian government, had on November 27 terminated the
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