Iraq’s court of cassation upheld on Sunday a decision by the court of appeal to reject the claim filed against Saudi Arabian Amiantit Co.’s (Amiantit) wholly-owned subsidiary, PWT Wasser-und Abwassertechnik GmbH (PWT) over the payment of damages to a subcontractor for a project in Iraq.
The current judgment is incontestable, Amiantit added in a statement to the Saudi bourse, Tadawul.
The legal dispute dates back to 2014, as the Germany-based subsidiary faced legal claims on its Al-Samawa Unified Water Treatment Plant in Iraq, Argaam earlier reported.
Last month, the Iraqi court of appeals rejected a legal claim filed against PWT to pay a local subcontractor a total of IQD 32.7 billion in compensation.
The Saudi company said it had already allocated SAR 48 million in provisions to hedge against any losses pertaining to this claim.
PWT has the right to claim such amounts back under the final judgment, Amiantit said, adding that it will rather maintain that provision for more time.
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