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ICSID suspends its decision against Pakistan in Karkey company damage claim case

WASHINGTON: International Tribunal has suspended its decision against Pakistan for paying damage claim to the tune of 860 million dollars to Turkish Electricity Company Karkey

According to media reports International Centre for Settlement of Investment Disputes ( ICSID) of World Bank has suspended its own decision against Pakistan on payment of damage claim filed by Turkish electricity company Karkey.

Karkey company had sued against Pakistan in connection with rental power matters . Tribunal had given decision against Pakistan on August 22, 2017 and the incumbent government filed review petition against it.

The government took the plea it wants to present some new evidences. The government has collected fresh evidence of corruption in this case and in the light of these evidences it is hoped the tribunal will give decision in favor of Pakistan.

In the light of Supreme Court orders, Pakistan had rescinded the contract pertaining to rental power projects with Karkey in 2012 and Turkish company had sued against Pakistan in international tribunal in February 2013.

Karkey was awarded contract of 560 million dollars to cope with energy crisis in Pakistan.

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