Posts Tagged ‘ agility

Agility vs US case: Agreement reached?

There is an info circulating around regarding agility’s case that it has reached an agreement with the US gov. over a settlement which will be around $600 million that will be paid on 3yrs plus getting back on all the US gov. contracts again.

nothing is confirmed and I couldn’t find any related news neither on reuters nor bloomberg so it might be just a rumor or the deal is not sealed yet.

* UPDATE: another msg claims that the news  we got yesterday is true and it is expected to be announced on sunday morning.

* UPDATE:

تسوية أجيليتي بـ 600 مليون دولار
أحمد فتحي

كشفت مصادر مطلعة لـ ‘الجريدة’ أن شركة المخازن العمومية (أجيليتي) توصلت إلى تسوية مبدئية مع الحكومة الأميركية، تدفع الشركة بموجبها غرامة بقيمة 600 مليون دولار أميركي على مدى ثلاث سنوات مقابل عودة العقود الحكومية الأميركية التي جمدت بعد اكتشاف البنتاغون تلاعباً في أسعار الإمدادات.

وأوضحت المصادر أن هذه التسوية ‘من المتوقع إعلانها خلال يوم أو يومين، وقد تحتوي بعض التعديلات البسيطة، خصوصاً في ما يتعلق بعودة جميع العقود أو الجزء الأكبر منها’.

Aljarida

U.S. v. Public Warehousing Co. “Agility”

The case was postponed from Jan. 29 to Feb. 8 to negotiate over the settlement. so its scheduled for today in Atalanta timezone

I’ll add any updates we get.

*UPDATE*

DUBAI (Zawya Dow Jones)–Kuwait’s logistics firm Agility (AGLTY.KW) said Monday a U.S. court entered a not guilty plea on its behalf as the company continues talks to settlement a case over allegations it overcharged on about $8.5 billion worth of contracts.

“The court agreed to assign the case for purposes of setting a briefing schedule and entered a plea of ‘not guilty’ on the company’s behalf to allow the case to move forward,” Agility said in an emailed statement after the court session.

“The request for a briefing schedule is intended to preserve PWC’s rights while the company and the Department of Justice conduct discussions aimed at a resolution of the case.”

Agility, no more US contracts?

agility

“DUBAI, Nov 17 (Reuters) – Kuwaiti logistics firm Agility (AGLT.KW) on Tuesday said a U.S. indictment would prevent it from getting contract awards until the issue was resolved but would not impair existing contracts with the U.S. government. On Monday, a U.S. grand jury indicted Public Warehousing Company, K.S.C. (PWC), also known as Agility, charges of fraud and conspiracy alleging that it overcharged the U.S. Army on $8.5 billion worth of contracts to provide food to soldiers in Iraq, Kuwait and Jordan. [ID:nN16518906]

“PWC has been debarred from future contract awards until such time as a determination has been made about the company’s current responsibility as a contractor. These allegations should have no impact on any current contracts with the U.S. government,” Agility said in a statement on the bourse website.

The grand jury in Atlanta indicted PWC on multiple charges of fraud and conspiracy in connection with contracts issued by the U.S. Department of Defense between 2003 and 2005.

“An indictment and a complaint are merely allegations. PWC is confident that once these allegations are examined in court, they will be found to be without merit,” the Agility statement said.”

Reuters

this is a really bad time for this kind of news to hit the market, since the market’s trend is heading down, i think this news will push it down even further than what we speculated.