Kuwait's Agility announced on Tuesday that one of its subsidiaries and an affiliate company have been awarded $1.65 billion in damages in an arbitration case against Iraq's Korek Telecom and Iraqi-Kurdish businessman Sirwan Saber Mustafa Barzani.
The International Court of Arbitration of the International Chamber of Commerce awarded the damages to Iraq Telecom Limited, a subsidiary of Agility Public Warehousing Company, and International Holdings Limited, an affiliate of Agility, in relation to allegations of “fraud and corruption” by Korek Telecom and its controlling shareholder Mr Barzani, the Kuwaiti company said.
The award is final and binding, Agility said in a statement.
“We hope that this outcome brings resolution and closure to the issue and that the respondents will now honour their obligations in a manner commensurate with that of businesses operating in countries that respect the rule of law,” said Tarek Sultan, Agility’s vice chairman.
“We remain focused on continuing to move forward with our growth strategy and profitable business partnerships both in Iraq and around the world.”
Agility, which has been doing business in Iraq for more than 20 years, was represented by Gibson Dunn & Crutcher, White and Case, and Meysan Partners.
The defendants have denied the allegations.
“Mr Barzani and Korek firmly deny the allegations against them and are considering all options, including whether to seek to set aside the award,” Reuters reported, citing a Korek representative's statement sent via Hawthorn Advisers.
“Korek is disappointed by these findings. This is not the end of the matter, and the company vigorously rejects any allegation that it set out to deceive IT [Iraq Telecom Limited]", which is the joint venture formed by Agility and Orange.
In February 2021, Agility's attempt to recover more than $380 million it said it had lost in Iraq was rejected by an international tribunal in a related case.
The company had filed for arbitration in 2017 with the International Centre for Settlement of Investment Disputes, which is part of the World Bank Group and handles disputes between international investors.
Agility said at the time that Baghdad had denied the company and its subsidiaries the ability to challenge a 2014 decision by the country's National Communications and Media Commission to annul Agility's investment in Iraqi mobile phone operator Korek Telecom.
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
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UAE currency: the story behind the money in your pockets
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