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Agility’s high-profile tiff with the US government continues. The firm is currently in talks with the US government to settle the matter out of court.
December 29, 2009 11:20 by Dana El Baltaji
Kuwait-based Agility, the region’s largest logistics firm, announced on Monday it was meeting with the US government to discuss a possible settlement in a high-profile fraud case. However, they have not struck a deal yet.
“A deal has not been reached until now, and there are no guarantees that these negotiations would lead to a solution,” the company said in statement on the Kuwaiti bourse site.
A number of Kuwaiti newspapers reported that the logistics firm is seeking a maximum settlement of $600 million.
“Until now the final settlement has not been signed, as some of the points are still pending, however the amount is between $500 million and $600 million,” al-Qabas reported, citing an unconfirmed source. The paper added that Agility will schedule the payout over five-years.
The US government has accused Agility of overcharging the US Army on contracts worth $8.5 billion to provide food to soldiers in Iraq, Kuwait and Jordan.
If Agility is found guilty, it faces probation and a fine equal to twice its gains from its alleged fraudulent activities, or twice the US Army’s loss.
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3 Comments
It cost the government much more than those hundreds of millions. if agility had been looking for best value suppliers instead of cousins of tehirs and us companies who paid them fat allowances in order to get their sales, agility could have saved the government a huge amt of money in liegitimate cost. justice dept must clean up and add transparency to the supplying companies who paid for the sales, paid bribes in effect, and it sends a message that these business practices are unethical. It is epidemic. It is not just a handful of bad people or some bad policy in one company! thye supplying companies who paid to keep others out were not doing so on their own nickel. They were inflating cost to the us taxpayer. lets know who they are. let them be accountable so they wont continue to do the same thing elsewhere.
How someone can blame somebody of overcharging? as once you pay you get agreed to something (rate) before you pay. it seems a joke
If you overcharge you must be willing to lose the business once it is found out that you duped the purchaser. That is what often happens. All the regulations in the world don’t work if there are very greedy opportunistic people.