Iraq Skirts Kuwaiti Co.'s $380M Telecom Investment Claim

By Caroline Simson (February 23, 2021, 6:46 PM EST) -- Iraq has fended off Kuwaiti logistics contractor Agility Public Warehousing Co. KSC's claim accusing the country of wrongly rescinding its $380 million investment in a Kurdish mobile phone operator called Korek Telecom, said to be Iraq's fastest growing mobile operator.

An International Centre for Settlement of Investment Disputes tribunal on Monday denied claims that the Iraqi government had expropriated Agility's investment after regulators annulled the company's investment in Korek Telecom and transferred them back to the original Iraqi shareholders. The arbitrators ordered the company to pay Iraq $5.17 million to cover its fees and costs.

Iraq had argued in the proceeding...

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