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Maldives can take control of airport: Singapore SC

Source : BUSINESS_STANDARD
Last Updated: Fri, Dec 07, 2012 13:12 hrs

pThe tussle between the Maldives government and India&rsquos GMR Group over the handover of Male&rsquos Ibrahim Nasir International Airport got murkier on Thursday with conflicting claims from both sidesppEven as the island nation&rsquos government claimed GMR had agreed to vacate the airport tomorrow following an order of the Singapore Supreme Court the company categorically denied it had had any such discussion with the governmentppSingapore&rsquos apex court overturning an earlier high court order that had allowed GMR to continue operations at the airport on Thursday ruled that the Maldivian government could take controlbr br table cellpadding2 width400 tbody tr styleheight 15pt height20 td width1164 bgcolor95acb3 height40font faceTahoma colorffffff size2strongA NEW TWISTbr strongThe story so farfonttd tr tr styleheight 15pt height20 td styleheight 15pt width1164 bgcolorccd7dd height20font faceTahoma size2strongJun 28 &rsquo10strong Concession pact executed among MACL the Maldives govt through its finance and treasury ministry and a GMR consortiumfonttd tr tr styleheight 15pt height20 td styleheight 15pt width1164 bgcolorccd7dd height20font faceTahoma size2strongJul 28 &rsquo11strong Maldives&rsquo civil aviation department sends a letter to GMIAL saying it is authorised to collect 25 as airport development charge ADC from all international passengers departing from the airportfonttd tr tr styleheight 15pt height20 td styleheight 15pt width1164 bgcolorccd7dd height20font faceTahoma size2strongDec 8 &rsquo11strongspan stylemso-spacerun yes  spanA civil court disallows the collection of ADCspan stylemso-spacerun yes spanfonttd tr tr styleheight 15pt height20 td styleheight 15pt width1164 bgcolorccd7dd height20font faceTahoma size2Dec 26 &rsquo11span stylemso-spacerun yes  spanGMIAL writes to MACL making a claim to set off the shortfall on account of non-collection of ADC against the payment of future variable annual concession feesfonttd tr tr styleheight 15pt height20 td styleheight 15pt width1164 bgcolorccd7dd height20font faceTahoma size2strongJan 5 &rsquo12strongspan stylemso-spacerun yes  spanGMIAL allowed to set off the shortfallfonttd tr tr styleheight 15pt height20 td styleheight 15pt width1164 bgcolorccd7dd height20font faceTahoma size2strongFeb 7 &rsquo12strong The erstwhile President Mohamed Nasheed resignsfonttd tr tr styleheight 15pt height20 td styleheight 15pt width1164 bgcolorccd7dd height20font faceTahoma size2strongApr 19 &rsquo12strong Consent letter for new arrangement retractedspan stylemso-spacerun yes spanfonttd tr tr styleheight 15pt height20 td styleheight 15pt width1164 bgcolorccd7dd height20font faceTahoma size2strongJul 20 &rsquo12strong GMIAL files anti-suit injunction application in Singapore HCfonttd tr tr styleheight 15pt height20 td styleheight 15pt width1164 bgcolorccd7dd height20font faceTahoma size2strongOct 25 &rsquo12strong Constitution of arbitral tribunal completedfonttd tr tr styleheight 15pt height20 td styleheight 15pt width1164 bgcolorccd7dd height20font faceTahoma size2strongNov 28 &rsquo12strong Maldives cancels contractfonttd tr tr styleheight 15pt height20 td styleheight 15pt width1164 bgcolorccd7dd height20font faceTahoma size2strongDec 6 &rsquo12strong Singapore SC rules Maldives can take control of the Male airportfonttd tr tbodytableppThe Maldivian President&rsquos press secretary Masood Imad told Business Standard GMR had said at a meeting attended by GMIAL CEO Andrew Harrison it would exit on Friday He added &ldquoThe firm had no option as it understood the highest appellate body in Singapore had ruled in MACL&rsquos favour&rdquoppA GMR spokesperson on the other hand said &ldquoWe have not had any discussion with the government on handing over the airport We are still studying the oral order of the Singapore Court of Appeals We would comment only after studying the final written order&rdquoppThe GMR group says it has invested around 240 million &mdash 80 million equity and 160 million debt &mdash in the Male airportppAbout the compensation Maldives would have to pay to GMR Siddharth Kapur the company&rsquos CFO said at a press conference &ldquoWe are yet to arrive at a figure for compensation if we have to exit the project prematurely&rdquo To this Imad said his government would abide by the Singapore court&rsquos decisionppAsking the Indian media not to paint this as an India-Maldives conflict Imad said &ldquoThis is a B-to-B business-to-business issue and there should be no India-Maldives colour given to this The Maldives government got involved in this as the guarantor of the agreement&rdquoppOn the Singapore SC verdict news agencies quoted Syed Akbaruddin the spokesperson of India&rsquos external affairs ministry as saying &ldquoFulfilment of all legal requirements is what we want to see in this case We hope all relevant contracts and agreements would be adhered to and legal processes followed&rdquoppThe GMR Infra scrip dropped 12 per cent to close at Rs 198 on the Bombay Stock Exchange on Thursdayp

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