ANNOUNCEMENT 27 Nov 2012In November 2012, the government of Maldives announced altered domestic business conditions for foreign investors.
NUMBER OF INTERVENTIONS
Maldives Airport, Press Release: http://www.maldivesairport.aero/img/files/news/GMR-agreement-cancelation-reply-press-release-English-27-11-12.pdf
Maldives Airport, Press Release: http://www.maldivesairport.aero/img/files/news/Singapore-Court-Case-Press-release-English-20-11-12.pdf
GMR Press Release: http://www.gmrgroup.in/corporate/pressreleasedetail.aspx?id=276
GMR Press Release:
BBC News: http://www.bbc.co.uk/news/world-asia-india-20577028
On 27 November 2012, the government of Maldives issued a notice announcing its intention to take over the possession of the Ibrahim Nassir International Airport (INIA), currently jointly managed by GMR Infrastructure (Indian Ltd.) and Malaysia Airports Holdings (Malaysian Bhd.).
The consortium (called GMR Male' International Airport Ltd. or GMIAL) took over the airport's operations from Maldives Airport Co. in November 2010, after winning a bid under the government of the former president Mohamed Nasheed. The contract entitled the consortium to operate the entire airport for a period of 25 years.
The government deems the contract as unfavorable for the Maldives' population and as having several issues connected to the drafting. For these reasons, it gave a 7 days notice to the consortium and took over the operations starting on Saturday, 8 December 2012.
This action effectively bans the Indian and Malaysian operators from airport activities and stands for an unsafe environment for foreign investments in the Maldives.