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Kuwait» received $ 500 million from Bank "JP Morgan» after «Iraqi Airways waiver»

Hkp1
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airways - Kuwait» received $ 500 million from Bank "JP Morgan» after «Iraqi Airways waiver» Empty Kuwait» received $ 500 million from Bank "JP Morgan» after «Iraqi Airways waiver»

Post by Hkp1 on Sun 03 Feb 2013, 3:02 am

Kuwait» received $ 500 million from Bank "JP Morgan» after «Iraqi Airways waiver»


03 February 2013 07: 00 am Last update: 03 VBR/13 7: 00 am


Leave the Chairman and Managing Director of company «Kuwait Airways», Sammy, to London on Tuesday or Wednesday to sign the drop action against Iraqi Airways, pursuant to obligations under the settlement agreement signed with the Government of Iraq on 19 December last year, and it closes a file conflict which began on January 11, 1991 and lasted 22 years.

The source said «home» that drop issues in London extends the dependency to 7 European countries in addition to Canada, pointing out that the head of the Kuwait» Sami half ended last week dropping cases against Iraqi Airways '» in Jordan within three days, only the efforts of the Ambassador of Kuwait Dr. Hamad Al Duaij and Jordanian Minister of Justice instructed the Supreme Court sat, the Court of appeals to expedite proceedings ruling on aborting a call within 2 days or the ratification provisions of the Ministry of Foreign Affairs, was sent to lawyers «Kuwait» in London for translation And delivered to the Bank "JP Morgan» London branch was US converting the agreed amount as compensation of 500 million dollars in the account «L/C» by a documentary credit under conditions agreed with the Bank of Iraq «» on 14 January.

The «Kuwait» succeeded in turning the agreed amount in the account «L/C» instead of «previous escrow account» ESCROW is a special account of the United Nations and no one can dispose only very complex legal procedures.

The source added that drop each execution and delivery to the Bank in accordance with the provisions of law No. 22 for the year 2012 should take place before Feb. 28, so that «Kuwait» receiving $ 500 million compensation agreed to this settlement, which Seoul to the Treasury General of the nation in accordance with law 22 to 2012, thus closing the page between the two countries has witnessed bitter conflicts in the corridors of the courts in Europe and Canada, and this settlement will pave a new era between the two neighbours.

«Iraq» flying again

Thus «Iraq» for processing the cases against them dropped from «Kuwait» to begin receiving aircraft contracted from the company «Boeing» to update its fleet with 400 modern aircraft worth 5.5 billion dollars, including aircraft Dreamliner B787 will ping you can jets «» flight and aviation-Iraq around the globe after dropping lawsuits against them from Kuwait», which was held on the assets and property of the Iraqi "» in the world.



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airways - Kuwait» received $ 500 million from Bank "JP Morgan» after «Iraqi Airways waiver» Empty Re: Kuwait» received $ 500 million from Bank "JP Morgan» after «Iraqi Airways waiver»

Post by Twinkie on Sun 03 Feb 2013, 4:38 am

Great news, thanks Hkp1
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airways - Kuwait» received $ 500 million from Bank "JP Morgan» after «Iraqi Airways waiver» Empty Re: Kuwait» received $ 500 million from Bank "JP Morgan» after «Iraqi Airways waiver»

Post by wciappetta on Sun 03 Feb 2013, 6:01 am

If I'm understanding this,it would seem that JPMorgan floated a short term loan to Iraq to pay off the Kuwait airline deal because the money of Iraq is still tied up with the complex UN legal hurdles of Chapter VII and that this loan in turn gets paid back to Jp Morgan by the end of February ... Does that sound correct?


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airways - Kuwait» received $ 500 million from Bank "JP Morgan» after «Iraqi Airways waiver» Empty Re: Kuwait» received $ 500 million from Bank "JP Morgan» after «Iraqi Airways waiver»

Post by duck2000 on Sun 03 Feb 2013, 6:14 am

@wciappetta wrote:If I'm understanding this,it would seem that JPMorgan floated a short term loan to Iraq to pay off the Kuwait airline deal because the money of Iraq is still tied up with the complex UN legal hurdles of Chapter VII and that this loan in turn gets paid back to Jp Morgan by the end of February ... Does that sound correct?
yes... that chapter7 thingy is a pain between the two !
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airways - Kuwait» received $ 500 million from Bank "JP Morgan» after «Iraqi Airways waiver» Empty Re: Kuwait» received $ 500 million from Bank "JP Morgan» after «Iraqi Airways waiver»

Post by wciappetta on Sun 03 Feb 2013, 6:26 am

Clearly then we can see how burdensome Chapter VII is upon Iraq's financial ability and why release from it is the Key to revaluation....


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airways - Kuwait» received $ 500 million from Bank "JP Morgan» after «Iraqi Airways waiver» Empty Re: Kuwait» received $ 500 million from Bank "JP Morgan» after «Iraqi Airways waiver»

Post by lonelyintexas on Sun 03 Feb 2013, 8:00 am

Yes, will be glad when they are released. Chapter VII has got to go. Thanks

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airways - Kuwait» received $ 500 million from Bank "JP Morgan» after «Iraqi Airways waiver» Empty Re: Kuwait» received $ 500 million from Bank "JP Morgan» after «Iraqi Airways waiver»

Post by Ronbo on Sun 03 Feb 2013, 9:25 am

So..... Kuwait is expecting 7 to be lifted by the end of Feb? I thought (dangerous I know) that the UNSC wasn't meeting again until Mar-Apr??
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airways - Kuwait» received $ 500 million from Bank "JP Morgan» after «Iraqi Airways waiver» Empty Re: Kuwait» received $ 500 million from Bank "JP Morgan» after «Iraqi Airways waiver»

Post by Neno on Sun 03 Feb 2013, 10:52 am

@wciappetta wrote:If I'm understanding this,it would seem that JPMorgan floated a short term loan to Iraq to pay off the Kuwait airline deal because the money of Iraq is still tied up with the complex UN legal hurdles of Chapter VII and that this loan in turn gets paid back to Jp Morgan by the end of February ... Does that sound correct?
If you took it that way from this arbish, then probably right but I didn't get it like that at all. Iraq had already placed 300 million in a escrow account way back, I just do not see Iraq making a loan from JPMorgan of 200 million to do this in the reading. I read it as the account with the escrow'ed 300 million must of been held by JPMorgan until final docs and deliberations were complete and that by that February 28th date, the money (500 million) will be in the Bank-of Iraq. Again, your probably right.

I just also see that if they can now do the 5.5 billion dollars on receiving those 400 planes, then the extra 200 million is a piece of cake unless, as duck says, the VII thingy. I just do not know but read it differently but still, take it as all is good...
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airways - Kuwait» received $ 500 million from Bank "JP Morgan» after «Iraqi Airways waiver» Empty Iraqi Airways flying again after the Kuwaiti counterpart waiver

Post by Hkp1 on Sun 03 Feb 2013, 12:20 pm

Iraqi Airways flying again after the Kuwaiti counterpart waiver


2013-02-03


Baghdad/JD/... Kuwait Airways announced its renunciation of the Iraqi counterpart, the case against it after receiving $ 500 million.

Thus «Iraq» for processing the cases against them dropped from «Kuwait» to begin receiving aircraft contracted from the company «Boeing» to update its fleet with 400 modern aircraft worth 5.5 billion dollars, including aircraft Dreamliner B787 will ping you can jets «» flight and aviation-Iraq around the globe after dropping lawsuits against them from Kuwait», which was held on the assets and property of the Iraqi "» in the world.

--Home: leaves the Chairman and Managing Director of company «Kuwait Airways», Sammy, to London on Tuesday or Wednesday to sign the drop action against Iraqi Airways, pursuant to obligations under the settlement agreement signed with the Government of Iraq on 19 December last year, and it closes a file conflict which began on January 11, 1991 and lasted 22 years.

The source told the newspaper the nation that drop issues in London extends the dependency to 7 European countries in addition to Canada, pointing out that the head of the Kuwait» Sami half ended last week dropping cases against Iraqi Airways '» in Jordan within three days, and was sent to lawyers «Kuwait» in London translated and delivered to the Bank "JP Morgan» London branch was US converting the agreed amount as compensation of 500 million dollars in the account «L/C» by a letter of credit documentary requirements agreed notice The Bank «Iraq» on 14 January.

The «Kuwait» succeeded in turning the agreed amount in the account «L/C» instead of «previous escrow account» ESCROW is a special account of the United Nations and no one can dispose only very complex legal procedures.

The source added that drop each execution and delivery to the Bank in accordance with the provisions of law No. 22 for the year 2012 should take place before Feb. 28, so that «Kuwait» receiving $ 500 million compensation agreed to this settlement, which Seoul to the Treasury General of the nation in accordance with law 22 to 2012, thus closing the page between the two countries has witnessed bitter conflicts in the corridors of the courts in Europe and Canada, and this settlement will pave a new era between the two neighbours./finished/22



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