Prime Capital Maldives Private Limited has filed case against Maldives at Singapore International Arbitration Centre (SIAC).
The case was submitted claiming the Maldivian government violated the joint venture agreement formed between the government and Prime Capital Maldives Pvt Ltd to develop a special tourist zone in Fushidhiggaru lagoon on January 18, 2013. The Attorney General’s Office (AG Office) confirmed the case was filed against the government on December 18.
Prime Capital forwarded a case claiming the government failed to sub-lease the Fushidhiggaru lagoon as stated in the joint venture agreement to reclaim 27 islands and to develop the reclaimed as hotels, residential buildings or offices. The AG Office said the company is seeking compensation for damages caused.
Further, AG office added the government is mandated to maintain the secrecy of the case submitted at the arbitration.