Further bad news for Agility as share price slumps
The bad news for logistics firm Agility continued yesterday as the company lost further ground, this time in its share price.
According to Reuters, the firm tumbled to a 12-month low, dragging Kuwait’s index to a seven-year low.
The negative figures come on the back of a US court ruling which saw the company’s appeal to avoid prosecution, fail.
The Kuwaiti company has been accused of overcharging the US Army on supply contracts over a 41 month period the US government claims totaled US $9.8 billion.
Agility’s shares fell 6 percent to their lowest close since July 2010, triggering a sell-off in the market, Reuters reports.