Agility due in court over fraud charges
Kuwait-based global logistics company Agility is due to appear in a U.S. federal court Friday on an indictment alleging the company overcharged the U.S. government on more than $8 billion worth of logistics services to the U.S. military in the Middle East, according to Middle East news outlets.
The company was indicted in mid-November, charges Agility said it will fight.
Kuwaiti press reports said in December Agility is seeking a settlement outside court with the U.S. government that is worth up to $600 million, though there is no guarantee the talks will lead to a deal.
The company's stock price has been hit badly in the last six weeks since the indictment came down. Agility, formerly known as Public Warehousing Co., grew in leaps and bounds last decade on the back of defense logistics contracts. It has since steadily grown its commercial business unit to be a formidable global player.