By John Lee.
Kuwaiti logistics firm Agility has announced that Iraq's Korek Telecom has been ordered to pay it nearly $1.2 billion in damages.
The judgement by International Chamber of Commerce (ICC)'s International Court of Arbitration relates to allegations of fraud and corruption orchestrated by Korek with a view to unlawfully causing the expropriation Agility's $810 million investment in Korek.
The court also ordered Korek to pay expenses and costs of $3.5 million incurred by an Agility affiliate.
For information on Iraqi law, see our Legal Services page.
(Source: Agility)
Comments are closed.