KUWAIT // Kuwaiti logistics firm Agility said on Monday it was in talks with the US government regarding a settlement in a fraud case, but no deal has been reached yet.
"A deal has not been reached until now, and there are no guarantees that these negotiations would lead to a solution," Agility said in a statement on the Kuwaiti bourse website on Monday.
Earlier, the Kuwait bourse halted trading in Agility's shares pending clarification of reports the logistics firm is near to a settlement.
Several Kuwaiti newspapers carried reports on Monday about Agility seeking a settlement of up to $600 million with the US government.
"Until now the final settlement has not been signed, as some of the points are still pending, however the amount is between $500 million and $600 million," Kuwaiti daily al-Qabas said in an unsourced report.
The firm will seek to schedule the settlement amount over a five-year period, Qabas said, adding the settlement will allow Agility to acquire new contracts.
Agility is accused of overcharging the U.S. Army on $8.5 billion worth of contracts to provide food to soldiers in Iraq, Kuwait and Jordan.
If convicted of violations of the False Claims Act, the firm faces probation and a fine of up to twice the gain it realised or twice the loss to the US.
"A settlement would be better for Agility, but I do not think that Agility will sacrifice huge amounts in the settlement," Mustafa Behbahani, a director at Kuwait Gulf Consulting Co said on Monday. "It all depends on the future deals Agility is eyeing."
"If the future contracts are worth four or five times more than the settlement amount, this would be in favour of the firm," he added.
Last week, an Agility spokesman said a court hearing was being rescheduled and no new date had yet been set.
The Kuwaiti firm announced last week that US defence contractor DynCorp International had dropped its US unit as a subcontractor in a U.S. Army deal.
Agility said it was looking at legal options over DynCorp International's decision to drop Agility Defense and Government Services Inc as a subcontractor as of Dec. 17.
Agility's shares fell 3 per cent on the Kuwait bourse on Monday after trading resumed.
*Reuters
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Changing visa rules
For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.
Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.
It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.
The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.
The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.
Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.