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Agility stock falls 8.3 percent after $8.5 billion fraud charge

Shares of Kuwait-based logistics company…

November 17, 2009 4:39 by

Shares of Kuwait-based logistics company Agility fell 8.3 percent after a US court indicted the firm on charges of fraud and conspiracy, reports Reuters. The Kuwaiti bourse had earlier halted trading of the company’s shares on Tuesday pending clarification from Agility.

The company was accused of overcharging the US Army on contracts worth $8.5 billion to provide food to soldiers in Iraq, Kuwait and Jordan. Agility has however said that the indictment will have no impact on current contracts with the US government.

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