Mubasher: Kuwait and Gulf Link Transport Company (KGL) and KGL Logistics denied the news reported on a court decision against Damietta Port Authority (DPA) which is affiliated to the Egyptian Ministry of Transport.
The news reported that a court decision was reached by the International Court of Arbitration of the International Chamber of Commerce (ICC) in Paris, the two firms said in separate filings to Boursa Kuwait on Sunday, noting that no ruling was issued until the present time.
The lawsuit was filed against Egypt’s DPA for a $1.2 billion compensation.
It is worth highlighting that Damietta International Ports Company (DIPCO), an Egyptian joint stock company in which KGL International for Ports, Warehousing, and Transport owns an equity, has filed the mentioned arbitrary case.
KGL International for Ports firm is a subsidiary of KGL and KGL Logistics by 25% or $30 million among other investors.
