Wednesday, March 31, 2010

Agility Suspend Stock Trading And Delay Release of Financial Results

Concerns over US Indictment
Shipping News Feature

KUWAIT – Agility, the largest logistics company in the Middle-East, has announced that they are to delay announcing their annual financial results and are suspending their stocks on the Kuwaiti Bourse until the 6th of April.

The company states that the decisions were to allow time to see if their ongoing talks with US authorities on allegations of fraud from overcharging the American army over supply contracts in Iraq would be resolved soon.

The news sparked a slump in the value of Agility’s shares in early trading but these subsequently recovered after a flurry of activity that saw the stocks rank as the most traded of today and their value actually 10 points up from yesterday.

Agility has been in negotiations since the charges were leveled last November. At the time reports in the Kuwaiti media stated that the company was offering $600 million to settle the case, though Agility has always strenuously denied any wrongdoing.