According to the disclosure, this final arbitration award issued by the International Court of Arbitration – International Chamber of Commerce, also upheld the invalidity of the subordination agreement.
Agility said in a statement to the Kuwait Stock Exchange that its subsidiary’s claim for this amount came “based on the provisions of the guarantee agreement regarding International Holding Limited’s obligations under the loan contract dated July 27, 2011,” without further clarification on the case.
Last February, I gotAgility“, on a new opportunity to resubmit its claims before a new arbitration panel under the auspices of the International Centre for Settlement of Investment Disputes regarding the company’s investments in Iraq.
In 2021, the arbitration panel of the World Bank Group’s International Centre for Settlement of Investment Disputes rejected a claim filed by Agility to recover more than $380 million it said it lost in Iraq.
The authority also ordered Agility, one of the largest logistics companies in the Gulf, to pay Iraq more than $5 million for costs related to the case.
Agility said in a statement to the Kuwait Stock Exchange last February that the annulment committee of the International Centre for Settlement of Investment Disputes accepted Agility’s appeal against the previous ruling of the arbitration panel and partially annulled it.
The company added: “The committee announced the partial cancellation of the original ruling issued in 2021. As a result of this decision, Agility will have the opportunity to resubmit its claims” to the arbitration panel again.
The case dates back to 2017, when the company filed a request with the International Centre for Settlement of Investment Disputes, saying that Iraq had indirectly confiscated its investments, worth more than $380 million, and violated a 2015 bilateral agreement between Kuwait and Iraq to encourage the movement of capital and investment between the two countries.
Agility added at the time that Iraq had denied it and its subsidiaries the ability to appeal a 2014 decision by Iraq’s Communications and Media Commission to cancel Agility’s investment in Korek Telecom, one of Iraq’s mobile phone operators.
