Big win for Pakistan: $1.2b penalty in Karkey case waived off

The settlement has been finalised between both parties and will be signed by Turkey soon. 

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karakey

In quite a significant feather in the cap, Pakistan Tehreek e Insaf (PTI) led government has been achieved massive success for Pakistan as it successfully waives off $1.2 billion penalty for the country in Karkey case. The penalty was announced by ICSID (International Centre for Settlement of Investment Disputes) on August 2017.

On Monday, the Prime Minister of Pakistan announced the significant news on social media, saying that PTI government, along with the assistance of Turkish President Recep Tayyip Erdogan, has successfully got the hefty penalty in Karkey case waived off.

PM also appreciated the negotiation team for doing a brilliant job, moulding the decision in Pakistan’s favour. According to the media reports, Attorney General for Pakistan (AGP) played the key role in this out of court settlement.

Speaking to local media sources, AGP Anwar Mansoor Khan said that after efforts of Pakistan’s negotiation team, the settlement has been finalised between both parties and will be signed by Turkey soon.

He added that other institutions are also trying their best for an out-of-court settlement in the cases where Pakistan is facing huge penalties. In this case, as well, President Erdogan himself offered to play his role in mediation. The reports further add that Pakistan will not pay any amount to the Turkish company.

”The National Accountability Bureau (NAB) would not prosecute the Turkish company’s directors, agents and employees involved in the rental power project (RPP) graft case.”

Before this, the anti-graft body was reluctant to withdraw the cases of Turkish officials would weaken the case overall. However, now the decision has been made in the national interest. The media sources had previously reported that the Pakistani authorities found some solid evidence against Turkish officials in Rental Power Case.


Also See: $1.2 Billion Fine To Be Paid To Turkey’s Karkey Power Plant Likely To Be Waived

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