Summary PM congratulated the government team for doing an excellent job in achieving this.
ISLAMABAD (Dunya News) - Prime Minister Imran Khan on Monday said PTI Government, with the help of Turkish President Recep Tayyip Erdogan, has amicably resolved the Karkey dispute.
In a tweet, he said Pakistan saved 1.2 billion dollars penalty imposed by International Centre for Settlement of Investment Disputes.
PTI Govt, with the help of President Erdogan, has amicably resolved the Karkey dispute and saved Pak USD 1.2 billion penalty imposed by ICSID.
— Imran Khan (@ImranKhanPTI) November 4, 2019
The Prime Minister congratulated the government team for doing an excellent job in achieving this.
Earlier, the International Centre for Settlement of Investment Disputes (ICSID), an arm of the World Bank which offers arbitration and conciliation services for governments and private foreign investors disputes, had given its decision in favour of Turkish firm Karkey Karadeniz Elektrik Uretim and imposed a fine of $1.6 billion on Pakistan.
Karkey had registered a claim with the ICSID against Pakistan in 2013 for violation of their contract of as many as $564.6 million for a period of five years, for building rental power plants in Karachi.
The contract was struck down in the Supreme Court decision by then-Cheif Justice Iftikhar Chaudhry in 2012 on a petition by Pakistan Muslim League-Nawaz leader Khawaja Asif and Faisal Saleh Hayat, which called for shutting down all rental power projects in the country.
