|
|
|
|
|
6th Zilhaj 1435 | Thursday, Oct 02, 2014
Business

GMR seeks over USD 800 mn; Maldives insists on forensic audit

Sunday, 16 December 2012
Comments(0)
Male, December 16:

Indian infrastructure firm GMR will seek a compensation of over USD 800 million from Maldives for the termination of its airport deal here.

But the Maldives Government is insisting on a "forensic audit" as it feels the actual amount would be less than half.

"We have sent a letter to the Maldivian government indicating a number of more than USD 800 million as compensation amount. This is our initial estimate. The final figure would be based upon various calculations, loss of profit among others," GMR (Airports) Chief Financial Officer Sidharath Kapur said.

The Maldivian Government, however, debunked the calculations and insisted on getting a forensic audit done through an international firm.

"We will go in for a forensic audit as we want to see how much money has poured in to GMR coffers through the Male International Airport and how much actual money has been spent here. As per our information, GMR has cashed in only USD 150 million of the about USD 350 loan it had bagged through a bank," Maldives President Mohamed Waheed''s press secretary Masood Imad said.

Asked if GMR is open to a forensic audit, Kapur said: "Our books are transparent. The concession agreement signed with Maldives government did not have the clause of forensic audit. Having said that, I must add that we don''t have any objection to an audit but it has to come through proper legal process".

The USD 500 million airport project contract awarded to GMR for modernising and operating the Ibrahim Nasir International Airport (INIA), signed in 2010 during the previous regime of Mohamed Nasheed, was "unilaterally" terminated by the current government on November 27. (ANI with inputs)

Latest News

Arrival of CBCID team, creates flutter in ...

Sudden arrival of CBCID team created flutter in Hajj House complex on Wednesday. The team directly went to Minority Finance Corporation offi ...

92 jail inmates appear for Gandhi Peace Exam

In an indication of Gandhian thoughts continuing to inspire prisoners, 92 inmates of the Taloja Cent ...

Clean India Mission beyond politics: Modi

Wielding the broom, Prime Minister Narendra Modi today launched the country's biggest-ever cleanliness drive that is expected to cost over R ...

Related News

ANZ moves 20 jobs to India

A report has revealed that ANZ is moving 20 jobs to India and will not rule out "offshoring" more jobs in the future to ...

'India's gold imports may go up to 75 tonnes per month'

The country's gold imports are likely to rise to about 70-75 tonnes per month against the present av ...

JCB Ultimate Card expands market in China

JCB International Co. Ltd. an international subsidiary of JCB Co. launched the JCB Ultimate card in ...

Post new comment

To combat spam, please enter the code in the image.

Rs. 26770 (Per 10g)

Opinion Poll
Do you think Satya Nadella's meeting with KCR is a booster for IT in Telangana state?
YesNoCan't say

Matrimony | Photos | Videos | Search | Polls | Archives | Advertise | Letters

© The Siasat Daily, 2012. All rights reserved.
Jawaharlal Nehru Road, Abids, Hyderabad - 500001, AP, India
Tel: +91-40-24744180, Fax: +91-40-24603188
contact@siasat.com