Posts Tagged ‘ Stock Exchange

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.

 

How the Stock Market Really Works

stock-market

source

Bankruptcy ?

bruptcy

 

 

        2007                               2008                                                                

ادنك

اجمالي حقوق المساهمين           29.790.138          57.246.081‏

*************

مركز مالي

اجمالي حقوق المساهمين          76.727.000          131.236.000

*************

انابيب

اجمالي حقوق المساهمين           43,791,315            86,900,518

*************

اسمنت

اجمالي حقوق المساهمين        133,339,326           302,710,562

*************

ايكاروس

اجمالي حقوق المساهمين        62,478,595             188,279,168 

 

 

these are just some announcements and i believe we’ll soon see some bankruptcy announcements in the second quarter, if not within the next few days.

 

In my opinion, if the government did not move to help the companies and admit  that the companies are facing real problems and by companies i mean all the other sectors and stop acting as the private sector is only in banking, almanakh crisis would sound like  good old days.

 



 

Soug AlManakh.. 26yrs later

almanakh1

The problem is we never learn from our mistakes.. here is a pdf file of Alqabas article which was published in 19/11/2008 with the officials announcements back then.. same words different people.

LINK

Aldar Investment

logo

 

Rumor circulating:

 

The higher management of Investment-Dar requested each department head to decrease the number of their employees. Starting last week they’ve informed some employees to find alternative jobs.

 

Thanks Khaled