2026-09-23T15:43:59+00:00
font
Enable Reading Mode
A-
A
A+
Shafaq News- Baghdad
Iraq’s parliamentary Investment and
Development Committee on Wednesday warned that South Korea’s Hanwha could halt
key services at Baghdad’s Bismayah residential complex and pursue international
arbitration over unpaid dues, potentially exposing Iraq to about $4 billion in
losses.
Hanwha, the company behind the
residential project, announced last week that it would withdraw from the
development and lay off its Iraqi employees, blaming the National Investment
Commission (NIC) for failing to meet its financial obligations.
Speaking at a news conference in
parliament, committee member Suzan Al-Saad said the NIC had received an urgent
notice from Hanwha stating that it could stop operating water and sewage
facilities at the complex from Oct. 1 unless authorities set a date for
settling its dues.
Al-Saad called on Prime Minister Ali
Al-Zaidi to expedite $272 million in outstanding payments, along with $300
million in compensation for delays that had lasted about six years.
The company, the lawmaker warned, could
take the dispute to the Dubai International Arbitration Centre in mid-October
if the issue remains unresolved.