The Government on Tuesday announced that it has paid US$271 million in damages to India-based GMR Infrastructure Limited over the cancellation of the agreement to develop Ibrahim Nasir international Airport (INIA).
The announcement was made by Attorney General Mohamed Anil at press conference held this afternoon.
GMR was awarded compensation worth $270 million by a Singapore-based international arbitral tribunal last month.
The tribunal made the decision after an assessment of compensation payable by the Maldives Government to the company.
Earlier this year, the tribunal concluded that the Maldives government’s concession agreement with GMR to develop, manage and operate INIA was valid and binding.
The agreement was signed in 2010, but the Government terminated the contract two years later, saying it was “void ab initio”.