India's infrastructure giant GMR Group has lost a new USD15 million claim over the contract row to to develop the archipelago's main airport.
Despite winning a staggering USD271 million payout from the Maldives government in 2016, the company had filed a new claim for an additional USD15 million.
However, the Singapore based tribunal which had awarded the massive payout in 2016, had ruled against GMR on Friday, AVAS understands.
The dispute stems from a 25-year contract to modernize, expand and operate the Maldives’ main international airport that the government entered into with GMR Male International Airport Pvt. Ltd. in 2010.
The mega project worth over USD500 million was awarded to GMR during the tenure of former President Mohamed Nasheed, despite concerns by the then opposition.
Shortly after the controversial resignation of Nasheed, the government kicked out GMR and cancelled its lucrative contract to run the airport.
The government has maintained that the contract was invalid in November 2012 after the parties fell into dispute over a fee GMR imposed on departing passengers, which the government said was contrary to Maldivian law.
The tribunal however, had ruled the original concession agreement was valid and binding and that the Maldives government had unlawfully repudiated it.