New Delhi, Dec. 5:
Bangalore-based GMR Group hopes that the Maldives Government will honour
its commitment to international law with regard to cancelling the company’s
licence to modernise the Male international airports.
Addressing a press conference here on Wednesday, Sidharath Kapur, Chief
Financial Officer, GMR Airports, said the company was not really interested in
settling the matter through payment of compensation for cancelling the
contract.
“We expect and appeal to the Maldives Government to honour international
law. Any termination is unlawful and against the due process of law. Any force
will be seen impacting Indian interests.
“We have been assured by the country’s Defence Minister, who is also
acting Transport Minister, that force will not be used to remove us from
Maldives airport,” Kapur said.
He added that use of any force would be seen impacting Indian interests.
On December 1, the Maldives Cabinet cancelled the contract after which
GMR will have had to vacate the Male airport within the next 48 hours. GMR
officials said it would be difficult to comment on how things would play out
over the next two days.
On Monday, a Singapore court stayed the cancellation of the contract,
but the Maldives Government said it was going ahead with its decision and gave
GMR time till December 7 to vacate the airport.
Pointing out that there was a compensation clause in the agreement,
officials said the exact amount had not been calculated yet.
“We are not using compensation as a route. We have seen report of $700
million. Looking at the finances of the Maldives, it will have a very serious
detrimental impact on the finances of the country. Our plea is that we want to
settle the issues through a legal process,” Kapur said.
Officials said compensation was a complicated calculation as it covered
payments to vendors and was supposed to be done before termination.
“It covers entire equity infusion, return on equity, damages and
termination of any sub-contracts. If we have any damage on that account, it is
covered as part of compensation,” Kapur said.
GMR officials rebutted the allegations that the award of contract to GMR
group was leading to revenue loss to the Maldives Government.
No comments:
Post a Comment