February 8, 2019 (MLN): The Secretary-General of International Centre for Settlement of Investment Disputes (ICSID) has registered an application for revision of the award filed by the Islamic Republic of Pakistan.
Karkey Karadeniz Elektrik Uretim (Karkey), a Turkish company that constructs and operates rental power plants, was given a $560 million contract by former government to operate a ship-based power plant in Pakistan. Later, the Supreme Court had declared all RPPs contracts void, which then led to the Turkish company filing a case before the ICSID in 2013.
As a result, Karkey had been awarded the amount of $800 million in a damages suit it had brought against Pakistan in August 2017.
Pakistan had then appealed against the award after claiming to have new evidence, and had successfully gotten a stay order from the ICSID over the execution of an $800 million award to the Turkish company.
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