Singapore: In a major setback to GMR, the Singapore Court of Appeal on Thursday ruled that the Maldives government had the authority to take back Male airport from the company. Maldives President Mohammed Waheed Hassan's Press Secretary Masood Imad said that the government would go ahead with the transfer as scheduled.
Reacting to the ruling, GMR sources said the company would not comment on the court verdict so soon. The sources added GMR was awaiting the copy of the judgement from the Singapore Court to decide its next course of action.
Earlier, on Monday a Singapore court had stayed the cancellation of airport contract by Maldives with GMR Group. The option of legal action in Singapore was provided in the contract GMR had signed with the Maldivian government.
Reacting to the ruling, GMR sources said the company would not comment on the court verdict so soon.
The Maldives government had cancelled GMR's $500 million airport project, claiming that the project was financially unviable. The termination of the $500 million GMR airport project is seen as a major setback in the bilateral relations of India and Maldives.