Kuwait’s Agility awarded $1.65 billion in dispute with Iraq's Korek
The Kuwaiti logistics firm accused Korek, which is owned by Kurdish military commander Sirwan Barzani, of using corruption to expropriate its stake.
The Kuwaiti logistics company Agility said on Tuesday it was awarded more than $1 billion in a dispute with the Iraqi Kurdish telecom firm Korek.
Agility said the Paris-based International Court of Arbitration released its findings on Monday in the case by Agility subsidiary Iraq Telecom and affiliate International Holdings Limited against Korek Telecom and its founder, Sirwan Barzani. Agility had alleged the two engaged in fraud and corruption to expropriate its $810 million investment in Korek. The court found Korek liable and awarded $1.65 billion in damages to Agility, the company said in a statement.
"We hope that this outcome brings resolution and closure to the issue and that the respondents will now honor their obligations in a manner commensurate with that of businesses operating in countries that respect the rule of law,” said Agility vice chairman Tarek Sultan.
A Korek spokesperson said the company continues to deny the allegations.
