(MENAFN- Iraq Business News)
By John Lee.
Germany's AHG Industry GmbH & Co. KG has applied for an annulment of the recent award made in favour of the Iraqi Government, in relation to a dispute over the alleged takeover of a cement factory in Kirkuk.
The World Bank 's International Center for Settlement of Investment Disputes (ICSID) had previously dismissed the investor's claim .
In the case (ICSID Case No. ARB/20/21), AHG was said to be claiming $878 million from the Republic of Iraq for the alleged expropriation of its cement production business.
A statement on Thursday from ICSID said, 'The Secretary-General registers an application for annulment of the award filed by the AHG Industry GmbH & Co. KG.'
AHG was represented by New York-based lawyers Bracewell , while Iraq was represented by two firms, Baker Botts (UK) and Kadhims Ltd , a new firm established in London in December 2021.
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.