German Firm Challenges Iraq Arbitration Ruling

2023-02-05 09:00:14

(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.

(Source: ICSID)

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