Logistics firm says ruling from International Court of Mediation is ‘last and binding’
Kuwait’s Dexterity revealed on Tuesday that one of its subsidiaries as well as an affiliate firm have actually been awarded $1.65 billion in damages in an arbitration case against Iraq’s Korek Telecommunications and also Iraqi-Kurdish business person Sirwan Saber Mustafa Barzani.
The International Court of Arbitration of the International Chamber of Business awarded the problems to Iraq Telecom Limited, a subsidiary of Agility Public Warehousing Business, and International Holdings Limited, an associate of Agility, in relation to accusations of “fraud as well as corruption” by Korek Telecommunications and also its controlling investor Mr Barzani, the Kuwaiti firm said.
The honor is last as well as binding, Dexterity claimed in a statement.
” We hope that this end result brings resolution as well as closure to the problem and that the respondents will now honour their commitments in a manner appropriate with that of organizations running in nations that respect the regulation of regulation,” stated Tarek Sultan, Dexterity’s vice chairman.
” We stay concentrated on continuing to move on with our growth method and also successful organization collaborations both in Iraq and around the globe.”
Agility, which has actually been doing business in Iraq for more than 20 years, was represented by Gibson Dunn & Crutcher, White and also Situation, and also Meysan Partners.
The accuseds have actually denied the accusations.
“Mr Barzani and Korek strongly deny the claims against them and also are taking into consideration all alternatives, consisting of whether to look for to allot the honor,” Reuters reported, pointing out a Korek agent’s statement sent out via Hawthorn Advisers.
“Korek is let down by these findings. This is not the end of the issue, as well as the business strongly turns down any kind of allegation that it laid out to deceive IT [Iraq Telecommunications Limited], which is the joint venture formed by Dexterity and Orange.
In February 2021, Agility’s attempt to recuperate more than $380 million it said it had actually shed in Iraq was denied by a worldwide tribunal in a related case.
The firm had applied for arbitration in 2017 with the International Centre for Settlement of Investment Disputes, which is part of the World Bank Group as well as takes care of disagreements in between international investors.
Agility said as Baghdad had denied the company and its subsidiaries the ability to challenge a 2014 choice by the country’s National Communications and Media Compensation to annul Dexterity’s financial investment in Iraqi smart phone operator Korek Telecommunications.
Last Updated: 22 March 2023
