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The International Court of Arbitration of the International Chamber of Commerce has ordered Korek Telecom Limited to pay Iraq Telecom Ltd. (UAE), a subsidiary of Kuwaiti logistic firm Agility, $1.17 billion in damages in an arbitration case.
The court also ordered Korek to pay International Holdings Ltd., an Agility affiliate, all expenses and costs of $3.67 million, Agility said in a statement on Kuwait bourse on Monday.
Iraq Telecom and International Holdings were claimants in a long-running case against Korek Telecom and its chairman Sirwan Saber Mustafa Barzani in relation to allegations of fraud and corruption against the respondents who are alleged to have expropriated the claimants' $810 million investment in Korek Telecom.
(Writing by Brinda Darasha; editing by Seban Scaria)
