Court rules for Maldives in airport dispute with India's GMR
(REUTERS) - A Singapore court ruled in Maldives' favour on Thursday in the South Asian island nation's move to cancel a $623 million airport development contract with India's GMR Infrastructure, clearing the way for it to take over the airport.
The ruling comes after an order won on Monday by GMR that had suspended the government's decision to cancel the contract, although the Maldives had still been pressing ahead with plans to take over the airport.
"The Maldives government has the power to do what it wants, including expropriating the airport," Sundaresh Menon, the Chief Justice of Singapore, said in court.
Shares in GMR Infrastructure were down as much as 4.2 per cent following the ruling after earlier being in positive territory on the day. It later pared some of those losses.