Business Standard reported that GMR will seek a compensation of over USD 800 million from Maldives for the termination of its airport deal here but Male is insisting on a forensic audit, as it feels the actual amount would be less than half.
Mr Sidharth Kapur CFO of GMR said that "We have sent a letter to the Maldivian government indicating a number of more than USD 800 million as compensation. This is our initial estimate. The final figure would be based upon various calculations, loss of profit among others."
However, the Maldivian government debunked the calculations and insisted on getting a forensic audit done through an international firm.
Mr Masood Imad President of Maldives said that "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. According to our information, GMR has cashed in only USD 150 million of the about USD 350 million loan it had bagged through a bank."
Asked if GMR was open to a forensic audit, Mr Kapur said that "Our books are transparent. The concession agreement signed with the Maldives government did not have the clause of forensic audit. Having said that, I must add we don't have any objection to an audit but it has to come through a proper legal process."
Sources in the Maldivian government said that the compensation amount, should come to about a lower limit of USD 150 million and an upper limit of USD 350 million.
A source said that "We will present our case before the Singapore Court and let them take the call."
