International Arbitration Tribunal Rules It Has Jurisdiction to Hear Agility#s Dispute with Iraq

Stocks and Financial Services Press Releases Monday July 15, 2019 14:36
KUWAIT CITY--15 Jul--PRNewswire/InfoQuest

Agility Public Warehousing Company KSCP announced today that an international arbitration tribunal constituted under the auspices of the World Bank's International Centre for Settlement of Investment Disputes (ICSID) has determined that it has jurisdiction over claims arising since the Kuwait-Iraq BIT entered into force. We look forward to now having those claims determined on the merits.

Agility alleges that the Iraqi government denied Agility and its subsidiaries the ability to challenge the improper decision of the Communications & Media Commission (CMC) to annul its investment in Korek Telecom and that the government then illegally implemented the CMC's decision by ordering the transfer of shares acquired by Agility and its co-investors back to the original Iraqi shareholders in March 2019 without returning Agility's original investment.

"We are pleased with the ICSID tribunal's decision," said Tarek Sultan, Vice Chairman and CEO. "The ruling upholds protections to which Agility is entitled and the Republic of Iraq's actions will now be scrutinized under international law."

In February 2017, the Agility Group filed a request for arbitration against the Republic of Iraq pursuant to the Convention on the Settlement of Investment Disputes between States and Nationals of Other States and the Agreement between the Government of the State of Kuwait and the Government of the Republic of Iraq for Reciprocal Promotion and Protection of Investments.

Over the years, Agility invested over US$380 million and significant management and technical expertise and know how to develop Korek Telecom into a successful business.
About Agility

Agility is a global logistics company with $5.1 billion in annual revenue and 26,000+ employees in more than 100 countries. It is one of the world's top freight forwarding and contract logistics providers, and a leader and investor in technology to enhance supply chain efficiency. Agility is a pioneer in emerging markets and one of the largest private owners and developers of warehousing and light industrial parks in the Middle East, Africa and Asia. Agility's subsidiary companies offer fuel logistics, airport services, commercial real estate and facilities management, customs digitization, and remote infrastructure services.

Logo - https://mma.prnewswire.com/media/946505/Agility_Public_Warehousing_Company_Logo.jpg

Latest Press Release

Photo Release: KTC and Yoga And Me jointly provide special privileges to strengthen new class Yoga for Sports.

"KTC" or Krungthai Card Public Company Limited, jointly with "Yoga and Me" in providing KTC cardmembers special privileges with10 discount coupons worth Bt. 2,999 from originally Bt. 7,900. Members may choose Yoga, Rhythm & Burn or Pilates Mat...

Photo Release: EXIM Thailand Welcomes Banque Pour Le Commerce Exterieur Lao Public

Mr. Sittikorn Direksoonthorn (second right), Senior Executive Vice President of Export-Import Bank of Thailand (EXIM Thailand), recently welcomed Mr. Leepakao Chialue (second left), Deputy Chief of Credit Operation Division, Banque Pour Le Commerce...

KBank Private Banking inaugurates its exclusive office in Phrom Phong area Aims to deliver top-class customer experience and fortify its collaboration with Lombard Odier to provide comprehensive wealth management services

KBank Private Banking (KPB) has inaugurated its office in the Phrom Phong area. Through its redefined strategies, KPB will expand its private banking team to forward its mission of delivering impressive customer experiences in alignment with their...

AXA offers SmartCare Health Insurance with Special Nursing Service to Celebrate Mothers Day Month

AXA Insurance, a leading general insurance provider in Thailand and a part of the Number ONE Global Insurance Brand for the 10th consecutive year1 offers SmartCare Optimum and SmartCare Optimum Plus health insurance plans, a perfect gift for moms in the...

AGE joins hands with TRC-APTECH to expand to energy supply and services for large industrial plants

Asia Green Energy Public Company Limited or AGE joins hands with TRC Construction Public Company Limited and establishes a joint venture company, "At Energy Solution Co., Ltd.", to provide energy supply and services which are the expansion of the coal...

Related Topics