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Kuwait’s Agility awarded $1.65 billion in dispute with Iraq's Korek

The Kuwaiti logistics firm accused Korek, which is owned by Kurdish military commander Sirwan Barzani, of using corruption to expropriate its stake.
A picture shows the headquarters of the Public Warehousing Co. (PWC), also known Agility, in Kuwait City on December 29, 2009. The leading Kuwaiti firm indicted for fraud in connection with multi-billion dollar contracts with the American army said on December 28 that it is in talks with US authorities for an out-of-court settlement. AFP PHOTO/YASSER AL-ZAYYAT (Photo credit should read YASSER AL-ZAYYAT/AFP via Getty Images)

The Kuwaiti logistics company Agility said on Tuesday it was awarded more than $1 billion in a dispute with the Iraqi Kurdish telecom firm Korek. 

Agility said the Paris-based International Court of Arbitration released its findings on Monday in the case by Agility subsidiary Iraq Telecom and affiliate International Holdings Limited against Korek Telecom and its founder, Sirwan Barzani. Agility had alleged the two engaged in fraud and corruption to expropriate its $810 million investment in Korek. The court found Korek liable and awarded $1.65 billion in damages to Agility, the company said in a statement. 

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