Kuwait’s Alcazar loses deed of release arbitration to Iraq’s Korek Telecom

A tribunal ruled that Alcazar Capital breached the deed of release by obtaining a judgment in Kuwait and seeking enforcement in New York in its bid to recover a $250-million loan disbursed in 2007 to the Kurdistan-based phone company, part of multi-billion proceedings commenced by parent Agility of Kuwait and partner Orange of France, alleging expropriation.