Arbitration case filed against Maldivian government, over alleged contractual violations
The case was filed by Prime Capital Maldives Private Limited, over the government's failure to handover Fushidhiggaru reef as agreed
Fushidhiggaru
A case against the Maldivian government has been filed at Singapore International Arbitration Centre, over alleged contractual violations.
The case was filed over an alleged breach of an agreement signed between the Ministry of Finance and Treasury and Prime Capital Maldives Private Limited.
In a statement released on Monday, the Attorney General’s (AG) Office said that Prime Capital Maldives had informed it of a case filed for arbitration; the case is to have been filed on December 18.
The case filed notes the government’s failure to handover the Fushidhiggaru reef, despite having agreed to sub-lease it to the company for the reclamation of 27 islands where hotels, residential or office buildings are to be developed. The joint venture is to have been signed on 18th January 2013.
While the AG Office noted that Prime Capital Maldives is seeking compensation for the losses incurred due this, it said that no further information can be provided over the case.
Noting that it is obligated to keep arbitration related matters a secret, the office further said that revealing any information in the case could lead to penalties against the government.
