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26-May-2011 3:13 PM

Kuwait seizes Iraqi Airways funds following Jordanian Court order

Kuwait Airways Corp seized USD130 million in funding from Iraqi Airways' (IAC) bank accounts in Amman, following orders issued by the Jordanian Court on 10-May-2011 (Arabian Business, 25-May-2011). Kuwait Airways is seeking USD1.2 billion in compensation from IAC for the theft of 10 aircraft and spare parts seized by Iraq during the first Gulf war in 1990. Kuwait Airways said in Apr-2011 it would also look to seize oil assets owned by Iraq when a United Nations mandate offering international legal protection of the property expires on 30-Jun-2011.

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