Kuwait-based company wins a $490.08 million appeal against KRG
Shafaq News/ The Trade Court of Cassation ruled that Kurdistan Regional Government (KRG) must pay $490.08 to the Agility Public Warehousing Company in compensation, the Kuwait-based company said in a press release on Wednesday.
According to the press release, Agility's Dubai-based private equity subsidiary, Alcazar Capital Partners, filed an appeal before the Trade 9 Court against KRG and the National Bank of Kuwait (NBK).
The ruling issued by the court obliges the respondent to pay the appellant the value of the loan and 7% interest since September 11, 2007 (the date the agreement was inked).
In a statement by Agility, "Alcazar filed a lawsuit based on grounds that, on 11 September 2007, the Kurdistan Regional Government in Iraq submitted to Alcazar Capital Partners a letter of guarantee to guarantee a loan amounting to two hundred fifty million US dollars plus interest at the rate of 7% annually, this loan is provided by Alcazar Capital Partners to Korek Telecom (a company established according to the laws of the State of Iraq and registered in the Kurdistan region), to be used for the purpose indicated in the guarantee, in order to finance the payment of the second installment of the price of the national mobile phone license that covers Iraqi territories awarded to the said company."
"The guarantee offered by the Kurdistan Regional Government in Iraq provides that the guarantee is joint or several with Korek Telecom, thereby giving the absolute right to Alcazar Capital Partners to file a claim against the Kurdistan Regional Government of Iraq independently. This is a matter that relates strictly to the guaranteed company under the above guarantee as long as it was agreed in the guarantee to direct the claim separately against the guarantor."
"Therefore, Alcazar Capital Partners requests the engagement of the experts department at the Ministry of Justice in order to delegate one of its specialized experts to review the case’s file and its documents, and to issue a report in respect of the value of the sums owed to AlCazar Capital Partners by the Kurdistan Regional Government in Iraq. The sums represent the loan and its accumulated interest at the interest rate determined in the guarantee, from the date of granting the loan and the guarantee on 11 September 2007 until payment, in addition to the fees, expenses and actual attorney fees."
