No case filed against us in Maldives: GMR
In an interview with India's CNBC-TV18, GMR Group chief financial officer of Airport Sidharath Kapur said the company has received "some information" from a media report about a case filed in the Maldives against it. "Also, we do not have any information from the registrar's office in Maldives about a case," he said. GRM's comments come days after the opposition Dhivehi Qaumee Party (DQP) filed a case at Civil Court seeking a ruling to declare the proposed US$25 Airport Development Charge a tax and to require parliament-approval to tax any departing passengers. Kapur said GMR won the bid for Maldives airport privatisation, which was done on a very transparent and competitive basis by International Finance Corporation (IFC), based on the highest Net Present Value (NPV) of revenue share. "The Airport Development Charge (ADC) of US$25 per departing international passenger was one of the aeronautical charges proposed in the bid document. It was in the draft concession document based on which all the bidders evaluated the bid. This was also incorporated in the final concession document signed by the Government of Maldives," he said. Kapur stressed that the development charge is available as an aeronautical charge to meet the revenue requirements. GMR is confident that the Maldives government will stand by the "contractual requirement" and is hopeful that any court case will be dismissed, he added. Kapur further revealed that the development charge is going to contribute about US$25 million per annum commencing January. "In 2012, we had projected total revenue of almost US$320 million, which included various other revenue sources and US$25 million was the ADC, which was factored in," he said. Civil Court will deliver a verdict next week in a separate case filed to prevent GMR from collecting the US$25 development charge and US$2 insurance charge from passengers departing from Ibrahim Nasir International Airport.
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