Kuwait petro bosses reinstated over Dow scandal - Companies A-Z - ArabianBusiness.com
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Three executives at state-owned Kuwait Petroleum Company forced to retire over a $2.2bn Dow Chemical scandal have been reinstated to their positions after winning a court appeal, according to local media.
The International Chamber of Commerce’s International Court of Arbitration in 2012 ordered a $2.2bn damages payment to the US company over the scrapping in 2008 of a $17.4bn petrochemical joint venture.
The government compensation worsened the already politically sensitive deal with Dow Chemical and led to former oil minister Hani Husain referring several senior officials to retirement before resigning himself.
The heads of all of KPC’s eight subsidiaries also were sacked.
At least three of the senior officials successfully appealed, arguing the KPC board did not have the authority to force them into retirement without consulting the Civil Service Commission and they had not served the maximum 35-year term allowed under Kuwaiti law, Kuwait Times reported.