Court orders Kurdistan Regional Government (KGR) to pay Agility subsidiary Alcazar Capital USD 490 mn compensation, after accepting Alcazar’s appeal and overturning a previous decision in favor of KGR, according to a legal disclosure.

Details: Alcazar Capital had provided Korek Telecom with a USD 250 mn loan on 11 September 2007 to pay the second installment of the company’s national mobile phone license for Iraq. The loan guarantee offered by KRG had allowed Alcazar to file an independent claim against KRG. The latest court decision awarded Alcazar USD 490 mn, representing the original loan, accrued interests, and legal fees, the statement said.

Not Agility’s first case in Iraq: March 2023 saw an Agility subsidiary and an affiliate awarded USD 1.65 bn in damages and legal expenses after a tribunal determined that their USD 810 mn investment in Korek Telecom was expropriated illegally, according to a company statement.

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