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Iraq to Pay $500M Airline Settlement by June of 2013


29 Oct 2012
Kuwait announced on Wednesday that Iraq will finish payment of a $500 million by June of the 2013 to settle an airline argue between these two countries. An official legal order of the airline settlement has been signed by Kuwait Emir Sheikh Sabah al-Ahmad Al-Sabah. According to this settlement Baghdad have to pay $200 million by the middle of the next year. And the remaining amount of $300 million will be stored in a peculiar bank account. Later this money will be handed over to state-owned Kuwait Airways Corp. The legal order announced the agreement between the two nations’ airlines was officially registered in Kuwait City in July. This deal officially finishes a twenty two year former argue that started after Iraqi assembled companies entered Kuwait in the year of 1990. The settlement equivalents to fewer than the half of $1.2 billion Kuwait Airways had expressed Iraq’s flag carrier obliged to pay it. Kuwait expresses that 10 of its airplanes and aircraft potions were robbed after its airport was taken possession of forcibly during the invasion. The Kuwaiti legal order is operating from the day it is announced in the official news paper. But under this country’s constitution, the next parliament has the right to reject it. The next parliament is to be elected on December 1. A foreign ministry of Iraq announced on Tuesday that the legal order ‘’cancels all restrictions and complications in rebuilding Iraqi Airways, and it is now free to buy new planes and build a fleet.’’ Iraq subdued Kuwait in 1990. And after that flights between Iraq and its southern neighbor were suspended. Experts gave and approval to resume direct flights between the two neighbors. Many remaining problems between these two countries are still to be sorted out including the Baghdad’s payment of more than $20 billion compensation for war damage and around $16 billion in debt. Source: [MB.com]
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