• Friday, July 19, 2019

Pakistan may not have to pay $1b Karkey penalty

Discussion in 'Pakistan Economy' started by Murgah, Apr 16, 2019.

  1. Murgah

    Murgah FULL MEMBER

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    ISLAMABAD: The key suspect in the rental power plants case – Laeeq Ahmed Sheikh, who is in National Accountability Bureau’s (NAB) custody, has revealed some astonishing facts.

    According to NAB sources, Sheikh confessed to have received kickbacks worth $350,000 for brokering a deal between the government of Pakistan and the Turkish power company Karkey Karadeniz Elektrik Uretim to address the power shortage in the country.

    He has also confessed to being the front man of Babar Zulqarnain, son of former Azad Jammu and Kashmir president Raja Muhammad Zulqarnain, they added.
    The state suffered a penalty of $1 billion imposed by the International Committee for Settlement of Investment Disputes (ICSID) Tribunal, they said, adding that unearthing this scheme of corruption could save the state from the hefty penalty.

    The information brought to light during NAB investigation is expected to have very serious implications on the overall outcome of the ‘revision application’ filed by the government of Pakistan before the ICSID Tribunal for review of their decision.

    Sources said the project was acquired through corrupt practices, adding that NAB, through an international council hired by the state of Pakistan, has informed the ICSID Tribunal of revision application as there were kickbacks paid by Karkey to Babar, who further distributed over $5 million (received from Karkey). Sheikh also received $350,000 out of the same ill-gotten proceeds, they added.

    During investigation it was also revealed that the accused had an important role in the whole corruption scheme. His son-in-law Amir Malik was serving in Bank Sarasin, Dubai branch then, and was facilitating Babar and him. Sheikh’s daughter, Rabia Laeeq, who is the wife of Malik, had also received approximately one million dirhams in her own bank account in Dubai from Babar.

    NAB sources revealed that the brief facts of the case are that the accused Sheikh happens to be the brother-in-law (sister’s husband) of accused Babar. He is director of a British Virgin Island (BVI) offshore company Cannock Global Enterprises Ltd, which is maintaining an account No 6012852 in Bank Sarasin, Switzerland with the account title under the company’s name.

    Investigation also revealed that the accused is involved in laundering proceeds of crime of Babar. Crime proceeds amounting to $365,000 were transferred by Babar from bank account No 060127894000 of his offshore company M/s Lead Burn Global Ltd to bank account No 6012852 of the BVI-based offshore company Cannock Global Enterprise Ltd. Laeeq being the director of the BVI-based offshore company is maintaining an account No 6012852 in Bank Sarasin, Switzerland
    https://tribune.com.pk/story/1951687/1-pakistan-may-not-pay-1b-karkey-penalty/
     
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  2. KhalaiMakhlooq

    KhalaiMakhlooq SENIOR MEMBER

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    People doing corrupt deals and getting caught should know by now that higher powers will make them pay. And if they are doing self-enrichment they will be hit with heavy punishment. The 1B that may or may not be paid is small in comparison with what could have been lost in the future, a deterrence now in the form of a heavy punishment is better in the long run.
     
  3. Murgah

    Murgah FULL MEMBER

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    their is no punishment for rich in pakistan and that a main reason we still a 3rd world country
     
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  4. valkyr_96

    valkyr_96 FULL MEMBER

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    Somehow i doubt it corruption was proved in rekodiq as well the case it still there
     
  5. KhalaiMakhlooq

    KhalaiMakhlooq SENIOR MEMBER

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    These kinds of self-enrichment at the expense of the State of Pakistan is the reason why normal Pakistanis are less wealthy. That's why it is in the interest of the people to know that heavy punishment is needed. Why steal from people who will be paying above the rates for power in the long run because of these dark dealings?
     
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  6. Murgah

    Murgah FULL MEMBER

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  7. Respect4Respect01

    Respect4Respect01 SENIOR MEMBER

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    sold his soul for $350K only? that is pretty cheap
     
  8. RealNapster

    RealNapster SENIOR MEMBER

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    Sold his country for $350K is what matters. His soul is useless to us.
     
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  9. Respect4Respect01

    Respect4Respect01 SENIOR MEMBER

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    well my friend if a person is ready to sell his Iman/soul for money then i'm sure he will sell his own mother(land) and daughter for money too.
     
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  10. Abdussamad

    Abdussamad BANNED

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    Almost all such agreements involve kickbacks. I suppose we can try to argue this angle but then this'll be a backdoor we can use to get out of any and all contracts we sign. The courts will be setting a bad precedent if they allow us to get away with this.