US wants Kuwait's Agility to pay $750m for fraud

* username: rupertbu

US authorities want Kuwaiti logistics firm Agility to pay up to $750 million (Dh2.75bn) to settle fraud charges but the company hopes to pay less, a Kuwait newspaper said yesterday.

Arabic language daily Al Jarida, citing unnamed sources, said Agility wants to pay between $300m to $500m in compensation. Agility officials could not immediately be reached for comment. The Kuwaiti firm, formerly Public Warehousing KSC, is in talks to resolve an indictment accusing it of overcharging the US Army on supply contracts in Iraq, Kuwait and Jordan.

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

Yesterday, Al Jarida said the two parties were negotiating a schedule for repayment and whether Agility will get new contracts with the US military. A second Kuwaiti newspaper, Al Anbaa, quoted unnamed sources as saying that if talks between Agility and the US do not reach a settlement this week, the case will go to US courts.END