Pakistan approved waiving off all port dues/charges amounting to Rs194,951,059 on 31-1-2020 or till the vessels leave the port accruing against Karkey.
Despite debates about crisis in investment treaty arbitration, most emerging market economies are concluding BITs that provide for ISDS and emerging market multinational companies appear to welcome ISDS.
The Karkey dispute between the government and a Turkish ship-based energy firm has finally been resolved due to efforts of Turkish government, Prime Minister Imran Khan said.
Ankara is in conflict with an international investment tribunal after a Turkish court has rejected a demand to halt criminal proceedings regarding a Turkish media tycoon and his family.
International institutions, through high-level backdoor contacts, have agreed to waive off the $1.2 billion penalty Pakistan has to pay to Turkey’s Karkey, senior lawyer Babar Awan said.
The International Centre for Settlement of Investment Disputes (ICSID) has declared that the Supreme Court of Pakistan’s judgment in the rental power projects case is ‘arbitrary’.
The Government of Pakistan has reportedly created an Escrow Account worth $ 150 million to avert a negative ruling by the international arbitration tribunal in case of M/s Kakey uriterium rental power plant
Pakistan government is reportedly in talks with the Turkish government and M/s Karkey for an out-of-court settlement to avert attachment of Pakistan’s properties in Europe