On September 9, 2024, Meysan secured a USD 1.3 billion Final Award for Iraq Telecom, a subsidiary of Agility Logistics, in ICC Arbitration proceedings against Korek Telecom, a major Iraqi telecommunications company. The dispute related to Korek’s guarantee of the obligations of its DIFC-registered holding company International Holdings Limited (IH) under a 2011 loan agreement with Iraq Telecom, and the ICC tribunal confirmed that an agreement for the subordination of the debt was void. amala-sa.com
This ruling follows a prior ICC case resulting in a USD 1.6 billion award in March 2023.
Meysan Managing Partner Bader El-Jeaan commented, “Korek now has judgment debts in excess of USD 1.9 billion against it, of which Sirwan Barzani is jointly and severally liable for over USD 1.3 billion. Our client now moves on to the enforcement phase in connection with these awards.”
The Meysan team included partners Bader El-Jeaan in Kuwait, John Reynolds and senior associate Oliver Green in London, and partner Tarek Badawy and senior associate Ismail Lamie in Cairo. burger10.com.au
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