Iraq Loses Compensation And May Pay $380 Million In An International Dispute Case
Economy 02-11-2024 | 06:01 Al-Sumaria News – Economy One of the Kuwaiti companies that owns a dispute case with Iraq announced that it was able to obtain a new opportunity to sue Iraq, after the international arbitration panel in 2021 closed the case that the company filed against Iraq, and even obligated it to pay compensation to Iraq worth 5 million. dollar.
However, the Kuwait Public Warehousing Company announced today, Sunday, that the annulment committee at the International Center for Settlement of Investment Disputes accepted its appeal against the previous ruling of the arbitration panel and partially canceled it, adding that the committee announced that the original ruling issued in 2021 was partially canceled, and as a result of this decision, we will have the opportunity to resubmit our claims before the Kuwaiti Public Warehousing Company. The arbitration panel again.
In 2021, the arbitration panel at the International Center for Settlement of Investment Disputes of the World Bank Group rejected a lawsuit filed by the Kuwaiti company to recover more than $380 million that it said it lost in Iraq. The panel also ordered the company at that time to pay more than five million dollars to Iraq for the costs related to this case. . LINK
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