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FINANCIAL NEWS
Kuwait Parliament approves USD500m Iraq Airways settlement deal
24 Jan 2013
(MENAFN) Kuwait’s Communications Minister, Salem Al Othaina, stated that the parliament has approved a USD500 million settlement agreement between Kuwait Airways and Iraq Airways, reported Arabian Business.
The deal will conclude a debt raw between the two sides that extended for more than 20 years.
Al Othaina added that Iraq has shown goodwill and put down all the claim funds arranged to a special bank account.
The two parties reached an agreement in July, under which Iraq Airways consented to compensate Kuwait Airways with USD500 million for damages caused by Iraq during the first Gulf War.
At first, Kuwait Airways had sought USD1.2 billion from Iraq for the 10 aircraft that were ceased by Iraqi forces during the1990-91 invasion of Kuwait.
2-and-a-half years ago, the Kuwaiti carrier won a court order in the UK that led to the freezing of the global assets of Iraq’s national airline.
In December, Iraqi Airways’ director general, Saad Al Khafaji, stated that the deal will enable the airline to commence flights to the UK and Frankfurt by the end of January.
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