Agility suspends shares

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Agility, the Kuwait-based logistics company, last week asked the Kuwait Stock Exchange to suspend trading in its shares and to delay the release of the full-year 2009 financial results “pending a determination by the company about whether or not it can resolve a legal dispute with the US government”.

The company, which is listed under the name “Public Warehousing Co KSC”, is accused of overcharging the US military on contracts in Kuwait, Iraq and Jordan.

The company has been in discussions with the US government with a view to resolving the legal cases announced in November last year.

News agency Reuters has reported that the US government could be looking for up to $750m in compensation.

Agility is now expected to release its full year results on 11th April.

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