Update on Korek Telecom
Agility Public Warehousing Company KSCP hereby discloses 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.
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.
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.
Agility cannot assess the financial impact of the decision until the closing of the arbitration proceedings and the pronouncement of the final arbitral award.
Investor Relations Team