Gulf News – Kuwait’s Agility gets favourable verdict on $380m Iraq funds

File photo (CC0 Public Domain)

Kuwaiti company Agility has secured an opportunity to pursue its claims against Iraqi officials regarding $380 million of diverted funds invested in Korek Telecom. After facing initial denial of claims by an international arbitration tribunal three years ago, an annulment committee from the International Centre for the Settlement of Investment Disputes (ICSID) has partially annulled the original award, allowing Agility to re-file its claims before a new tribunal. Agility alleges that Iraq’s actions, including the annulment of its investments in Korek, violated the Kuwait-Iraq Bilateral Investment Treaty. The article also states that Agility is moving to enforce its arbitral award of over $1.6 billion against Korek and its CEO Sirwan Barzani.

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