The Iraqi court of appeals has rejected a legal claim filed against Saudi Arabian Amiantit Co.’s (Amiantit) 100 percent-owned subsidiary, PWT Wasser-und Abwassertechnik GmbH (PWT), to pay a local subcontractor a total of IQD 32.7 billion (SAR 110.8 million) in damages.
The local subcontractor was granted a month to appeal against this verdict, Amiantit said in a statement to Tadawul on Sunday.
The Saudi company said it had allocated SAR 48 million in provisions to hedge against any losses pertaining to this claim.
PWT is engaged in contracts for water and sewage treatment plants in Germany, Turkey, Azerbadjan, Turkmenistan and Iraq.
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