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July 9, 2024

Disclosure of Legal Cases / Update

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Reference to the above-mentioned subject; and in accordance with Chapter 10 of the Capital Markets Authority’s bylaws of Law No. 7 of the year 2010 on Disclosure and Transparency Agility would like to announce:

 

Date 09 July 2024
Company Name  Agility Public Warehousing Company KSCP “Agility”
Case Number International Centre for Settlement of Investment Disputes (ICSID) case ARB/17/7 Annulment Proceeding
Case Subject The case concerns Agility’s application to annul the arbitral award rendered on 22 February 2021 in ICSID Case No Arb/17/7 between Agility and the Republic of Iraq. The original arbitral award dismissed in full claims advanced by Agility relating to Iraq’s expropriation of Agility’s investment of over USD 380 million, its failure to treat Agility fairly and equitably, and its failure to accord Agility with due process, each in breach of the bilateral investment treaty signed between Kuwait and Iraq.
Date of the decision 08 February 2024
Court Decision Court issuing the decision Ad Hoc Committee on Annulment Under the Auspices of the International Centre for Settlement of Investment Disputes
Parties involved
  • Agility Public Warehousing Company K.S.C.P. – Claimant
  • Republic of Iraq – Respondent
Decision in favor of The Annulment Committee upheld Agility’s challenge to the original award and partially annulled it.  The Annulment Committee agreed with Agility that the original Tribunal had erroneously shielded Iraq’s actions from scrutiny, thereby failing to examine whether Iraq’s actions and omissions violated the protections afforded to Agility under the BIT.  In so doing, and in failing to state the reasons on which its decision was based, the original Tribunal committed an annullable error pursuant to Article 52(1)(b), as well as Article 52(1)(e), of the ICSID Convention.  Consequently, the Committee declared the original 2021 judgment to be partially annulled.

 

As a result of this award, Agility will now have the opportunity to re-file its claims before a freshly-constituted arbitral tribunal under the auspices of the International Centre for the Settlement of Investment Disputes who will be able to determine Agility’s claims including relating to Iraq’s expropriation of Agility’s investment, its failure to treat Agility fairly and equitably, and its failure to accord Agility with full protection and security as required by the Kuwait – Iraq BIT.

First Instance court decision   NA – It is a final arbitral award regarding annulment.
Appeal court decision   NA
Cassation Court Decision    NA
Material Information / Update Agility resubmitted the arbitration request, including all claims made by Agility regarding Iraq’s expropriation of Agility’s investments without a maximum claim value.
Financial Impact No financial impact at the moment

 

Best Regards,
Investor Relations Team

Subject: Agility’s 2023 Sustainability Report
Next Disclosure of Legal cases update

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  • Agility is a global leader in supply chain services, infrastructure, and innovation with 65,000 employees across six continents. Listed in Kuwait and Dubai, Agility specializes in growing and scaling operating businesses. Agility’s portfolio of companies include the world’s largest aviation services company (Menzies Aviation); a global fuel logistics business (Tristar); and a leading logistics parks developer and operator across the Middle East, South Asia, and Africa (Agility Logistics Parks). Other Agility companies offer customs digitization services, remote-site infrastructure services, defense and government services, ecommerce-enablement and digital logistics, and waste management and recycling. Agility invests in supply chain innovation, sustainability, and resilience, and has minority holdings in a portfolio of listed and non-listed companies.

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