An investment contract in Erbil

Khori Yasa has managed to arrange a contract regarding an investment contract in Erbil, Kurdistan/Iraq. The project comprises 711 housing units with water supply network, electricity distribution networks, building roads, kindergarten, school, police station and shopping mall. The cost of the project is (7 million US dollars) and the duration of executing the contract is 36 months. Besides, the project is licensed by the Kurdistan Investment Authority.

KhoriYasa succeeds in the revocation of a bill of exchange guaranteeing carrying out a contract between two companies.  

      Our client (plaintiff), an Iraqi company, had signed a contract of equipping laptops with the defendant, an Iranian company. To guarantee carrying out the contract, the CEO of the Iraqi company personally signed a bill of exchange and put a valuable piece of land at the Erbil center as a collateral. The problem is that the CEO shouldn’t have signed the bill of exchange and guaranteed carrying out the contract personally.
Therefore, the defendant immediately took advantage of this opportunity and asked for enforcing the bill of exchange at the Directorate of Execution in Erbil.
Accordingly, the CEO was notified that his land would be sold out in a public auction.
However, our lawyers took the case to the Court of first instance (Bada’a court) and Appellate court all the way. Consequently, the case took them one year until they could revoke the bill of exchange and give him back the land.