AGL 39.01 Decreased By ▼ -0.99 (-2.48%)
AIRLINK 128.98 Decreased By ▼ -0.08 (-0.06%)
BOP 6.72 Decreased By ▼ -0.03 (-0.44%)
CNERGY 4.74 Increased By ▲ 0.25 (5.57%)
DCL 8.42 Decreased By ▼ -0.13 (-1.52%)
DFML 41.00 Increased By ▲ 0.18 (0.44%)
DGKC 81.50 Increased By ▲ 0.54 (0.67%)
FCCL 32.61 Decreased By ▼ -0.16 (-0.49%)
FFBL 74.94 Increased By ▲ 0.51 (0.69%)
FFL 11.70 Decreased By ▼ -0.04 (-0.34%)
HUBC 109.40 Decreased By ▼ -0.18 (-0.16%)
HUMNL 13.61 Decreased By ▼ -0.14 (-1.02%)
KEL 5.24 Decreased By ▼ -0.07 (-1.32%)
KOSM 7.69 Decreased By ▼ -0.03 (-0.39%)
MLCF 38.70 Increased By ▲ 0.10 (0.26%)
NBP 63.80 Increased By ▲ 0.29 (0.46%)
OGDC 193.00 Decreased By ▼ -1.69 (-0.87%)
PAEL 25.64 Decreased By ▼ -0.07 (-0.27%)
PIBTL 7.35 Decreased By ▼ -0.04 (-0.54%)
PPL 154.50 Decreased By ▼ -0.95 (-0.61%)
PRL 25.50 Decreased By ▼ -0.29 (-1.12%)
PTC 17.30 Decreased By ▼ -0.20 (-1.14%)
SEARL 79.39 Increased By ▲ 0.74 (0.94%)
TELE 7.69 Decreased By ▼ -0.17 (-2.16%)
TOMCL 33.67 Decreased By ▼ -0.06 (-0.18%)
TPLP 8.59 Increased By ▲ 0.19 (2.26%)
TREET 16.10 Decreased By ▼ -0.17 (-1.04%)
TRG 58.70 Increased By ▲ 0.48 (0.82%)
UNITY 27.50 Increased By ▲ 0.01 (0.04%)
WTL 1.40 Increased By ▲ 0.01 (0.72%)
BR100 10,412 Decreased By -32.7 (-0.31%)
BR30 31,015 Decreased By -174.1 (-0.56%)
KSE100 98,024 Increased By 225.5 (0.23%)
KSE30 30,568 Increased By 87 (0.29%)

A leading Kuwaiti firm indicted for fraud in connection with multi-billion dollar contracts with the American army said Monday it is in talks with US authorities for an out-of-court settlement. "The company is negotiating with the US government for a settlement to the case," Public Warehousing Co (PWC), also known as Agility, said in a statement posted on the Kuwait Stock Exchange website.
"No deal has been struck so far and there are no guarantees that the negotiations will result in a settlement," the statement added. PWC, with 8.5 billion dollars worth of contracts to supply the US army in Iraq, Kuwait and Jordan, was commenting on local press reports that said the company was on the verge of reaching an out-of-court deal.
Kuwaiti newspaper Al-Qabas said the company was likely to pay between 500 million and 600 million dollars if the two parties agreed to the settlement. Last month, a US grand jury indicted PWC on multiple counts for allegedly overbilling the Pentagon by illegally inflating prices of food supply contracts. PWC shares dropped three percent on Monday, while the Kuwait Stock Exchange Index was trading down 1.16 percent, just above the 7,000 point mark.

Copyright Agence France-Presse, 2009

Comments

Comments are closed.