We are calculating the compensation receivable due to termination of agreement: GMR

GMR has said that it is working out the compensation receivable due to the termination of the agreement between the Maldivian government and GMR.

A statement issued by GMR last night states that the company is taking the requisite steps to work out the compensation receivable from the government of Maldives, keeping in mind the judgement of the Singapore Court of Appeals and the concession agreement dated 28 June 2010.

The statement said that the government had assured GMR that all its employees, suppliers and other interested parties will not be put to any inconvenience as a result of this takeover.

Papers have reported that GMR shares fell by 4.5 percent due to the termination of the agreement.

Anti-Corruption Commission (ACC) has been investigating the award of the airport to GMR for a long time, and the investigations are still ongoing.

Maldives Airports Company Limited (MACL) has recently requested the Police to investigate if any criminal activities were involved in the award of the bid to develop and operate the airport, to GMR.