Agility alleges that the 'Iraqi government denied Agility the ability to challenge the improper decision of the Communications & Media Commission (CMC) to annul its investment in Korek Telecom'.
It further alleges the Iraqi 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 without returning Agility's original investment.
Said Agility CEO Tarek Sultan: 'We are pleased with the tribunal's decision. The ruling upholds protections to which Agility is entitled and the Republic of Iraq's actions will now be scrutinised under international law.'
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.
Over the years, Agility invested over US$380 million and significant management and technical expertise and know how to develop Korek Telecom into a successful business.
Agility is a global logistics company with $5.1 billion in annual revenue and 26,000 employees in more than 100 countries.