KUWAIT CITY, July 12, 2019 /PRNewswire/ -- 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.
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.
SOURCE Agility Public Warehousing Company KSCP