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Kuwait Airways Corporation seizes funds in Iraqi Airways Company's bank accounts

25-May-2011 10:25 AM

Kuwait Airways Corporation (KAC) seized (24-May-2011) multi-million-dollar funds in various Iraqi Airways’ (IAC) bank accounts in Amman, Jordan, following orders issued by the Jordanian Court on 10-May-2011. The interests of IAC in its office in Amman were seized on 22-May-2011. In co-ordinated enforcement proceedings, following permission granted earlier this year by the High Court to join the State of Iraq, the Ministry of Finance and Ministry of Transport to the proceedings, the High Court in London on 13-May-2011 issued a number of enforcement measures against shares and London bank accounts in the name of Trade Bank of Iraq, London accounts in the name of Rasheed Bank and against commercial property owned by the Ministry of Foreign Affairs of Iraq. All three parties were also joined to the action. These are the latest developments in Kuwait Airways Corporation’s legal fight to obtain compensation from IAC for the theft of its fleet and spare parts in the 1990 invasion of Kuwait. [more]