KUWAIT CITY - A leading Kuwaiti firm indicted for fraud in connection with multibillion dollar contracts with the U.S. Army said Dec. 28 it is in talks with U.S. authorities for an out-of-court settlement.
"The company is negotiating with the U.S. government for a settlement to the case," Public Warehousing Co. (PWC), also known as Agility, said in a statement posted on the Kuwait Stock Exchange website.
"No deal has been struck so far, and there are no guarantees that the negotiations will result in a settlement," the statement added.
PWC, with $8.5 billion worth of contracts to supply the U.S. Army in Iraq, Kuwait and Jordan, was commenting on local press reports that said the company was on the verge of reaching an out-of-court deal.
Kuwaiti newspaper Al-Qabas said the company was likely to pay between $500 million and $600 million if the parties agreed to the settlement.
Last month, a U.S. grand jury indicted PWC on multiple counts of overbilling the Pentagon by illegally inflating prices of food supply contracts.
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