Accusations of Fraud and Corruption: The Legal Tussle between Agility and Korek Telecom

Agility, a logistics business, has been in and out of court with Iraqi officials. Agility is distinct from RiskAgility Financial Modeler (FM). Additionally, there appears to be no connection between this knowledge and any Latin legal expressions. Iraq Telecom Ltd., a component of Agility Public Warehousing Company, and International Holdings Limited, an associate of Agility, submitted the dispute to the International Court of Arbitration of the International Chamber of Commerce. Korek Telecom and its majority shareholder, Mr. Barzani, were accused of "corruption and fraud."

In response to the charges, the defendants entered into a partnership in 2011 between Agility and the French telecoms operator Orange but then intended to force Agility out by decreasing its interest and bringing in new owners. The joint venture was created to provide mobile phone services in Iraq's Kurdistan area, but it was sold to another operator when Agility was kicked out.

The Final Verdict: Agility Wins $1.65 Billion in Lawsuit Against Iraqi-Kurdish Billionaire and Telecom Company

World news now: On Tuesday, Kuwaiti logistics giant Agility reported that one of its affiliates and an associate company had been granted $1.65 billion in compensation in an arbitration lawsuit involving Iraq's Korek Telecom as well as Iraqi-Kurdish billionaire Sirwan Saber Mustafa Barzani.

According to Agility, the tribunal's award of $1.65 billion is final and binding. Nevertheless, the defendants have rejected the charges and may attempt to vacate the award. In addition to the latest business update, in a statement made through Hawthorn Advisers, a spokesman for Korek Telecom and Mr. Barzani stated that they were "considering all possibilities."

Agility is not the first company to have a legal battle with Iraqi authorities. Agility moved for arbitration with the International Centre for Settlement of Investment Disputes (ICSID), which is part of the World Bank Group, in 2017, trying to recover more than $380 million it said it lost in Iraq. The case stemmed from the country's National Communications and Media Commission's 2014 decision to cancel Agility's investment in Korek Telecom. Nevertheless, in February 2021, the tribunal denied Agility's petition.