Male Airport News
While China has been pouring millions into the Maldives economy, India's contribution has been too little and too slow
Hinting that the report is likely to be challenged, he said, "We have to go through the report completely. There was an issue of $100 million cash advance of which $78 million was given.
Maldivian president said that other Indian projects in the country is proof that there is no involvement of the 'foreign hand' in terminating GMR's contract, while his secretary said that GMR's unwillingness to walk the extra mile to resolve the issue resulted in its ouster.
The Maldives government has given a comfort letter to Indian Overseas Bank, which has $25-million exposure to GMR Group's Male airport project, assuring safety of lenders' funds, a top bank official said.
Amid a diplomatic row over cancellation of the GMR contract, India today asked Maldives to control any quarters which may be trying to harm bilateral relations saying the issue should not put a "question mark" on the ties between the two sides.
Maldives and GMR could therefore be the small fish in this power struggle between India, China and Pakistan after the political feud in Maldives intensified ever since the transition of power took place under abnormal circumstances on 7 February 2012.
A Singapore court ruled in Maldives' favour on Thursday, overturning an earlier order won by GMR Infrastructure.
Refusing to back down despite a Singapore Court's stay on the eviction, the Maldives Government today claimed that GMR officials have agreed to a "seamless" transfer of the airport as per an eviction letter sent to them.
A Singapore Court today stayed the Maldives government's decision to terminate the $500 million contract awarded to GMR-led consortium for modernising the Male international airport, paving way for the operations to continue.
For GMR, which is already facing charges of impropriety in India, there is a lot at stake. While Salman Khurshid is batting for the company, without the Male airport contract, GMR will find its bottom line in severe pain.
GMR has said that airport development fee was never implemented and the company is digging its heels in and is planning to take legal recourse