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FINANCIAL NEWS
Kuwait’s Agility issues USD380mn telecoms arbitration
10 Feb 2017
(MENAFN) Kuwait logistics Agility announced that it was seeking to settle by arbitration USD380mn dispute with Iraq over the firm’s investment in the Iraqi telecoms industry.
Moreover, the firm has filed for arbitration at the global center for Settlement of Investment Disputes, which is part of the World Bank group.
Accordingly, Iraq had indirectly confiscated its investment, which was worth more than USD380mn and violated a mutual protocol between Kuwait and Iraq.
In March 2011 Agility and Orange proclaimed that they would acquire a 44 percent share in Iraqi mobile telecoms operator Korek Telecom.
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