WebSify
Follow us on
Mail
Print

Singapore court rules in Maldives' favour against GMR

Source : REUTERS
Last Updated: Thu, Dec 06, 2012 08:10 hrs

SINGAPORE, Dec 6 (Reuters) - A Singapore court ruled in Maldives' favour on Thursday, overturning an earlier order won by India's GMR Infrastructure that had suspended the South Asian state government's decision to cancel its $511 million airport development contract with the company.

A judge at the Singapore Supreme Court ruled in the Maldives favour, meaning it can go ahead and cancel the contract, effectively taking control from GMR.

The standoff over the project threatens to cloud foreign investor sentiment on Maldives, which is seeking overseas cash for many of its tourism projects. The country terminated an agreement with GMR last week, rattling its relations with India. (Reporting by A. Ananthalakshmi)




blog comments powered by Disqus
most popular on facebook
talking point on sify finance