New Delhi, 17 December (Asiantribune.com)
Indian infrastructure firm GMR will seek a
compensation of over $800 million from Maldives for the termination of its
airport deal here but Male is insisting on a “forensic audit” as it feels the
actual amount would be less than half.
“We have sent a letter to the Maldivian
government indicating a number of more than $800 million as compensation
amount. This is our initial estimate. The final figure would be based upon
various calculations, loss of profit among others,” GMR (Airports) CFO
Sidharath Kapur said.
The Maldivian government, however, debunked the
calculations and insisted on getting a forensic audit done through an
international firm. “We will go in for a forensic audit as we want to see how
much money has poured in to GMR coffers through the Male International Airport
and how much actual money has been spent here. As per our information, GMR has
cashed in only $150 million of the about $350 loan it had bagged through a
bank,” Maldives President Mohamed Waheed’s press secretary Masood Imad said.
Asked if GMR is open to a forensic audit, Kapur
told PTI, “Our books are transparent. The concession agreement signed with
Maldives government did not have the clause of forensic audit. Having said
that, I must add that we don’t have any objection to an audit but it has to
come through proper legal process”.
Sources in the Maldivian government say that the
compensation amount, as per their calculations, should come to about a lower
limit of $150 million and an upper limit of $350 million. “We will present our
case before the Singapore Court and let them take the call,” a source said.
The $500 million airport project contract
awarded to GMR for modernising and operating the Ibrahim Nasir International
Airport (INIA), signed in 2010 during the previous regime of Mohamed Nasheed,
was “unilaterally” terminated by the current government on November 27. The
airport was taken over by the Maldives Airports Company Limited after a
high-voltage legal tussle in which GMR had initially got a stay order on the
termination from the Singapore High Court.
Replying to a query if GMR is not welcome in
Maldives any more, Masood said, “We don’t have anything against GMR. We had
objection to the contract that was signed under dubious conditions. We will in
the future initiate a lot of infrastructure projects and GMR is welcome to bid
for it.”
Refuting the allegations that the move to
terminate the contract was a political one to whip up emotions before the
elections next year, Imad said, “Protests against the contract have been taking
place since the first day it was signed by Nasheed. There were regular protests
and marches happening“.
http://www.asiantribune.com/news/2012/12/16/gmr-seeks-compensation-800-m-maldives
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