GMR seeks over $800 mn; Maldives insists on forensic audit

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Strong arm: Rs 250 cr is stopping aid to Maldives India

Maldivian Government headed by Mohamed Waheed Hassan Manik Preident seems to be adopted on the monitoring of the management of the airport. AFP

India's movement is likely to be focused on the Maldivian Government to fall into the line arm-twisting. The Maldivian Government headed by Mohamed Waheed Hassan Manik Preident seems to determine, however, on monitoring of the management of the airport.

Earlier, another report on the TV channel said that the Government would actively involved in determining the contours of the compensation that must be paid to GMR infrastructure for its airport development contract cancel.

The Maldivian Government has also expressed confidence that the management of the airport will be taken over by Maldives Airport Company Ltd, CNBC TV18 reported.

To add to the uncertainty about the compensation of GMR, has also rubbished the Maldives figures floating around in the media as speculative.

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GMR: Now Singapore court rules in favour of Maldives

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Maldives mollifies India; the detailed communication promises to PM

Maldives had made it clear that its decision termination "is non-reversible. AFP

Interestingly, India maintains that they had their displeasure to Maldives immediately after the termination of the project transferred and asked to ensure that Indian interest was "fully protected".

Abdullah said during the conversation that Maldives President Mohamad Waheed will write a detailed communication to clarify the country position Prime Minister Manmohan Singh about the decision of the termination.

On Monday, the Singapore High Court had the unilateral termination of Indian infrastructure giant $ 500 million male airport project by the Maldivian Government remained.

After the Maldivian Government terminated the controversial project under domestic political pressure, had moved the Singapore High Court against the decision GMR. According to the agreement of the project, in case of any differences between the parties, would apply the law of Singapore or the United Kingdom.

The Maldivian airport company limited (MACL), on the basis of instructions of the Maldivian Government, had on 27 November, the contract that was given to GMR in 2010, during the previous regime of President Mohamed Nasheed ended.

Singapore High Court judgment immediately after the Maldives had made it clear that his termination decision was "non-reversible and non-negotiable" and said no such warrant may be issued against a sovereign State.

"Decision of the Government is very clear. It is non-reversible and non-negotiable. Our decision was based on legal advice we got our lawyers in Britain and Singapore, "Maldives President Mohamed Waheed Press Secretary Masood Imad had said.

Angry at Maldives for the termination of the project, Khurshid said that had it was a major setback in bilateral relations of the two.

PTI

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Maldives to airport takeover ' without any hiccups '

Maldives has made it clear that they will not comply with the court order and Singapore.Reuters

Asked whether the Government would rope in police or military since GMR had previously said that it will continue to operate from the airport, Imad said, "at this moment I don't see the possibility to apply to every type of violence or police action.

"The acting Transport Minister is in contact with the high officials of the GMR operations in the airport and they have a plan to hand over to the functioning of the airport without any hiccups elaborated".

However, GMR Male International Airport CEO Andrew Harrison told PTI that no agreement has worked out but said that a meeting took place today with the Maldivian authorities on the issue.

"The Singapore High Court has a command that clearly prevents MACL or the Government of the Maldives or one of its agents of any action that interferes with activities that the airport GMIAL.

"We remain firm in our position and there is no question of an offer and certainly no talk of an alleged offer is accepted if we'll just do not agree with our rights nor the order in no way undermined," he said.Harrison said that another meeting will take place tomorrow.

"The movement of acting Minister stated that he was not a legal person and he therefore for his legal team to meet our lawyer tomorrow to go discuss the legal issues and in the meantime he stated that we should maintain dialogue would arrange," he said.

Meanwhile, Imad said that they will compensate for GMR. According to the contract signed in 2010 during the regime of the previous President Mohamed Nasheed Maldives would have to pay about $ 400 million, in the event of termination.

"Yes ... Having said this, so we have also on this issue of payments to GMR proactively involved. I don't want to speculate about the figures and numbers at this moment I would prefer (see) it be resolved in the Court "Imad said.

He added that Maldives will go forward with arbitration on the issue of payments in a Court of Singapore. The Maldives Government had the 500 million dollar airport modernization project handed over to say the agreement was "invalid" and GMR "dubious" conditions was signed on 27 November ended.

Although the Singapore High Court yesterday the announcement of the termination, Maldives has made was clearly remained that they will not comply with the order.

PTI

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GMR explores legal options against Maldives govt

It had also asked GMR to vacate and remove all property from the airport within 30 days. Reuters

Meanwhile, Maldives has denied a report by local Sun Online that work permits and visas of GMR officials in the Maldives be canceled within seven days.

Maldives President's Press Secretary said that GMR has gotten more time Masood Imad than what is laid down in the contract. Visas to GMR officials will continue according to the normal procedures, he added.

"According to the contract, either party may terminate the contract notice 5 days but we have 7 days to deliver it to them the project. They have more time to get their equipment after handing over the airport to MACL. The visa will continue to stand according to the normal procedures, "he said.

The Maldivian Cabinet on Tuesday decided to terminate the contract for the development of Male GMR Airport and issued a notice to handing the airport within 7 days to state company Maldives airports Company Ltd.

It had also asked GMR to vacate and remove all property from the airport within 30 days. GMR group, via a consortium with Malaysia airports Holdings Berhad (BE CENTRED ROUND), had the 500 million dollar contract on June 24, 2010 won by a global competitive bidding process of upgrading and managing the male airport for 25 years.

The contract, named as some of the biggest foreign direct investment in the Maldives, then got from the Maldivian Government headed by Mohamed Nasheed. However the project was hanging in balance since the regime change in the Maldives, as some local political parties earlier this year, which is now in power, were opposed to levy a $ 25 per passenger cargo GMR airport for application development (ADC).

The issue of charging the ADC is currently pending in a Court of arbitration in Singapore. Termination of the GMR contract also had sharp responses from the Government of India called, which said Tuesday that it is a "very negative signal" to foreign investors.

"The decision to terminate the contract with GMR without consultation with the company or the efforts to arbitration in accordance with the agreement a very negative signal for foreign investors and the international community", a spokesman of the Ministry of Foreign Affairs had said.

PTI

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Maldives hopes end date GMR agreement shall not affect India tires

He also mentioned the male airport development contract signed by his predecessor Mohamed Nasheed with GMR
Government as "void ab initio". Reuters

"We have always maintained that this is a commercial agreement that was signed by Mr Nasheed Government under dubious circumstances. The actual signing was carried out despite objections from Parliament, "Waheed said in an interview to PTI.

"We remain confident that India-Maldives relationship will not be affected by the cancellation of the GMR-contract by MACL (Maldives airports Company Ltd) In the meantime, two other contracts with Indian companies are taken over.

The bilateral relationship, particularly in the area of military, trade and industry, is even stronger than before, "he said. The controversial GMR-project was hanging in balance change in the Maldives since the regime earlier this year. GMR Airport Holding Berhad Malaysia together with the Malaysian partner, the contract for the development of the Male International Airport during Nasheed had won and the regime was the largest single FDI in Maldives.

The issue also had surfaced in talks between Prime Minister Manmohan Singh and Waheed, who visited India earlier this year. Waheed had then assured that Indian investments will remain "safe".

PTI

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GMR, Maldives clash over airport promotion fee

But the surprising part is this: GMR has said that this levy was never carried out and till date. Reuters

The agreement that this consortium signed with the Maldivian Government for GMIAL in June 2010, the developer $ 25 fee for charging value per departing international passengers from January 2012 and a further $ 2 If insurance surcharge on airport service charges.

But the surprising part is this: GMR has said that this tax was never implemented and to date, no international departing passenger is asked to pay this sum. A GMR spokesman told Firstpost that once it was clear that the Government was opposed to such a tax, MACL itself proposed that the requirement be money earned through revenue share this consortium was to adapt with MACL.

Much as privatisation of Delhi and Mumbai airports, the male airport project also thought that a certain percentage of the profits of the airport are shared with the local equivalent of MACL, who is the owner of the Indian airports, the airports authority of India. "We have never pay this fee, only custom revenue share with MACL

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