Dubai: Kuwait’s logistics giant Agility Public Warehousing Co. has reached a deal on a longstanding claim against the US Army. This means Agility will be able to record KD5.3 million ($17.7 million) as income in its profit and loss statement.
The dispute between the two had risen over a logistics and management support contract awarded to Agility by the Coalition Provisional Authority in June 2004. There was also a distribution depot contract with the US Defense Logistics Agency in September 2005.
“The result of the settlement is the elimination and waiver by the US Army of its debt claim against Agility of $81 million (or KD24.5 million) as well as the waiver and elimination of Agility’s clam against the US Army’ and payment of $17.7 million (KD5.3 million).
