Mubasher: Kuwait and Gulf Link Transport Company (KGL) on Thursday announced that the International Centre for Settlement of Investment Disputes (ICSID) has ruled in favour of KGL Transportation Company, a 100%-owned subsidiary, against Kellogg Brown & Root Services, Inc.

The ruling obliged Kellogg Brown to pay about $4.58 million (KWD 1.41 million) to KGL Transportation as well as interest until 22 April, according to a stock exchange statement.

The interest shall be calculated based on the main ratio stipulated in the contract starting from the aforementioned date until the payment date.   

According to the statement, both parties shall equally incur $18.975 (KWD 5,854) worth of administrative expenses and charges to the ICSID, in addition to $322,596 (KWD 99,521) in arbitrators’ fees. Each party shall also pay its attorney’s fees.

The impact of the ruling will reflect positively on the financial position of KGL Transportation upon implementation.