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Latest News

Kuwaiti firm calls foul-play on contract going to Dubai competitor

Co claims ANHAM did not meet minimum bidding requirements.


July 21, 2010 1:08 by

Kuwaiti logistics firm KGL said the United States government has agreed to look into an objection filed by the company regarding the award of a military supply contract to its competitor.

The firm, also known as Kuwait and Gulf Link Transport Co, said in a statement to the bourse on Wednesday that it was awaiting a decision on the matter.

KGL filed the objection in April after the U.S. military awarded the contract to the Dubai-based ANHAM FZCO LLC in the wake of fraud charges against its main long-time supplier Kuwait’s Agility.

The company said ANHAM did not meet minimum bidding requirements for the contract.

Agility is in talks with U.S. authorities over accusations it defrauded the military in the Middle East on multibillion-dollar supply contracts.

Kuwait has become a major logistics base for the Amerian military since the U.S. invasion of Iraq in 2003.

KGL’s shares fell 2.3 percent at 0715 GMT on Wednesday.

(Reporting by Diana Elias; Editing by Dinesh Nair)


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