U.S. wants Kuwait’s Agility to pay $750 mln-report

KUWAIT, April 5 (BestGrowthStock) – U.S. authorities want Kuwaiti
logistics firm Agility (AGLT.KW: ) to pay up to $750 million to
settle fraud charges but the company hopes to pay less, a Kuwait
newspaper said on Monday.

Arabic language daily al-Jarida, citing unnamed sources,
said Agility wants to pay between $300 million to $500 million
in compensation.

Agility officials could not immediately be reached for
comment.

The Kuwaiti firm, formerly Public Warehousing Co K.S.C., is
in talks to resolve an indictment accusing it of overcharging
the U.S. Army on supply contracts in Iraq, Kuwait and Jordan.

The company has delayed the release of its financial results
until Tuesday and requested a trading halt on its shares,
pending clarity on talks to reach a financial settlement.

On Monday, al-Jarida said the two parties were negotiating a
schedule for repayment and whether Agility will get new
contracts with the U.S. military.

A second Kuwaiti newspaper, al-Anbaa, quoted unnamed sources
as saying that if talks between Agility and the U.S. government
do not reach a settlement this week, the case will go to U.S.
courts.

Kuwait, which was the launch pad for the U.S.-led invasion
of Iraq in 2003, has become a major logistics base for American
forces.

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(Reporting by Diana Elias; Editing by Amran Abocar)

U.S. wants Kuwait’s Agility to pay $750 mln-report