Kuwaiti Agility Said It Was Seeking To Settle By Arbitration A 380 Million Dollors Dispute With Iraqs
Category: Kuwait
kuwaiti-agility-said-it-was-seeking-to-settle-by-arbitration-a-380-million-dollors-dispute-with-iraqs-_kuwait
Immigrate to Canada or Australia
Study In Abroad

Kuwaiti logistics conglomerate Agility said on Thursday it was seeking to settle by arbitration a $380 million dispute with Iraq's government over the company's investment in the Iraqi telecommunications industry.

Agility has filed for arbitration at the International Centre for Settlement of Investment Disputes, which is part of the World Bank group and handles disputes between international investors, Agility said in a statement.

The company said Iraq had "indirectly confiscated" its investment, which was worth over $380 million, and violated a bilateral protocol between Kuwait and Iraq on encouraging the movement of capital and investment between the two countries.

The statement did not give any details of Agility's complaint. Officials at the company and in Iraq's government could not be reached for comment.

In March 2011 Agility and France Telecom, now called Orange, , said they would acquire a 44 percent stake in Iraqi mobile telecoms operator Korek Telecom. The two groups would form a joint venture, 54 percent owned by Agility, to control the stake.

Agility was to contribute convertible debt and inject an additional $50 million for its 24 percent indirect stake, with France Telecom paying $245 million for its 20 percent indirect stake while extending a $185 million, four-year loan to the Iraqi firm. A spokesman for Korek could not be reached for comment on Thursday.

SOURCE : ARABIANBUSINESS

10 Feb, 2017 0 1321
Posted Comments
Popular News
-stop-recruitment-of-a-large-number-of-expat-workers-_kuwait
‘ Stop Recruitment Of A Large Number Of Expat Worker’s ‘ The Public Authority for Manpower (PAM) is not serious in correcting the lopsided population structure of the country, says MP Saleh Ashour. Ashour made the statement based on information he obtain... July 15, 2019 0 7284 Category: Kuwait
procedures-after-cancellation-of-kuwait-residence-permit_kuwait
Procedures After Cancellation Of Kuwait Residence Permit What is the procedure to be followed after cancellation of Kuwait residence permit? Please let me know Name withheld Answer: After cancelling your residence permit you are given one month tempor... July 16, 2019 1 5198 Category: Legal
expat-was-appointed-in-senior-posts_kuwait
Expat Was Appointed In Senior Posts State Minister for Cabinet Affairs Anas Al-Saleh revealed that an expatriate was appointed in the General Secretariat of Cabinet and another in Kuwait Fire Service Directorate on short term basis from... July 15, 2019 1 3535 Category: Kuwait
an-arab-woman-who-saved-the-life-of-indian-driver-with-her-abaya_kuwait
An Arab Woman Who Saved The Life Of Indian Driver With Her Abaya Media reports about the brave and timely action of a young Emirati woman who saved an Indian truck driver who was on fire, by covering the victim with an abaya, have gone viral.  The blaze bro... July 14, 2019 0 2923 Category: International
change-in-designation-leads-to-cancellation-of-driving-license_kuwait
Change In Designation Leads To Cancellation Of Driving License I took my licence 2 years back on engineer visa. After 1 year changed my company and they put designation as driver. When it was changed I went to Asma Muroor and unblocked it. But now again company i... July 15, 2019 2 1863 Category: Legal
kuwaiti-holds-domestic-helper-against-her-will_kuwait
Kuwaiti Holds Domestic Helper Against Her Will An unidentified domestic helper has been referred to the deportation center and the Kuwaiti who allegedly held her captive against her will following a dispute between them has been arrested and refer... July 15, 2019 1 1097 Category: Crime News
muslim-brotherhood-terror-cell-busted-in-kuwait--8-egyptians-arrested_kuwait
Muslim Brotherhood Terror Cell Busted In Kuwait – 8 Egyptians Arrested Kuwait security forces arrested 8 Egyptians who were accused of joining Muslim brotherhood group plotting attacks in Egypt. The sources said that these members were hiding in Kuwait and were operating... July 13, 2019 0 899 Category: Crime News
kuwait-customs-officers-seized-10-million-contraband-pills_kuwait
Kuwait Customs Officers Seized 10 Million Contraband Pills Kuwait customs officers have seized 10 million Tamol pills enlisted among narcotics that affect human mental condition at Shuwaikh Port. The banned drugs were shipped from an Asian country through ... July 13, 2019 0 839 Category: Crime News
fight-broke-out-between-a-policeman-and-two-officers-at-terminal-4-of-the-kia_kuwait
Fight Broke Out Between A Policeman And Two Officers At Terminal 4 Of The KIA A fight broke out between a policeman and two officers at Terminal 4 of the Kuwait International Airport, reports Al-Rai daily. According to the security sources this happened when the policeman en... July 14, 2019 0 807 Category: Crime News
44-domestic-workers-recruitment-bureaus-had-been-suspended-as-of-june-2019_kuwait
44 Domestic Workers Recruitment Bureaus Had Been Suspended As Of June, 2019 State Minister for Economy Affairs Maryam Al-Aqeel has emphasized dedicated efforts of the Public Authority for Manpower (PAM) in providing all kinds of protection and support to manpower in the count... July 14, 2019 0 768 Category: Kuwait
View All
Popular Offers
123-kd-offers in kuwait
1,2,3 Kd Offers
cost-savers in kuwait
Cost Savers
summer-collection in kuwait
Summer Collection
Popular Events
11 Aug, 2019
0
95
Category : Music
11 Aug, 2019
0
94
Category : Entertainment
16 Jul, 2019
0
74
Category : Sports & Fitness
16 Jul, 2019
0
62
Category : Film & Media
22 Jul, 2019
0
58
Category : Health
Kuwait Local News
Kuwait News
Crime News New Rules Entertainment
Entertainment
Immigrate to Canada or Australia
Study In Abroad