FINANCIAL NEWS

Jordanian court freezes USD1.5m in Iraqi Airways assets

29 May 2011

(MENAFN) Kuwait Airways Corp. lawyer, Chris Gooding, said that around USD1.5 million in cash and assets that belong to Iraq’s national carrier in Jordan were frozen as part of his country’s dispute with Iraq that started during the 1990 invasion, reported Associated Press.

Gooding added that Saddam Hussein’s regime stole 10 airplanes and millions of dollars in equipment and spare parts from the Kuwaiti fleet and Kuwait would ask for USD1.2 billion in reparations.

He also said that the post Saddam regime refused to pay the amount which resulted in lawsuits and warns to reduce flights, adding that Kuwait would also pursue similar lawsuits in other fifteen countries where the Iraqi Airways had business and would be ready to stop flights incase the amount was not repaid.

On the other hand, Iraqi Transportation Ministry spokesman, Karim Al-Nouri, said that his country’s government would ask the Jordanian court to unfreeze the assets since Iraqi Airways is a public entity thus its assets couldn’t be frozen. He also said that till that moment, Iraqi Airways owned around USD1.5 million in Jordanian banks.

It is worth noting that this month; a Jordanian court froze Iraqi Airways assets in Jordan, which was considered as the first step for Kuwait to gain at least USD130 million in cash and assets. The court order cited a total sum of USD166 million that Iraqi Airways may have in Jordan, including assets in its commerce, finance, industry and trade ministries.

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