Pakistan Must Pay $846M Award, Turkish Energy Co. Says

[SunilM]

Pakistan Must Pay $846M Award, Turkish Energy Co. Says

Law360 (June 21, 2018, 4:25 PM EDT) -- A Turkish energy company asked a D.C. federal judge Wednesday to confirm a nearly $846 million arbitration award issued after Pakistan detained several of the firm’s vessels, among other alleged misdeeds, saying the country must pay up now that an order staying enforcement of the award is over.

Karkey Karadeniz Elektrik Uretim AS’ complaint seeks recognition and enforcement of an award handed down by an International Centre for Settlement of Investment Disputes tribunal in August, concluding that Pakistan violated its obligations under a joint investment treaty...

https://www.law360.com/internationa...an-must-pay-846m-award-turkish-energy-co-says

Why is ummah brother not helping out pakistan?

 

[Umair Nawaz]

lol those vessels r detained because our Supreme Court said so. There was a lot of corruption in that Rental Scandal. Probably this company shouldnt have allowed corruption to happen.

 

[SunilM]

lol those vessels r detained because our Supreme Court said so. There was a lot of corruption in that Rental Scandal. Probably this company shouldnt have allowed corruption to happen.

So pakistani supreme court > ICSID in your opinion.? You think anyone outside pakistan will accept that? The roosevelt hotel will be one of the first properties to be put on the block soon....and all pakistani assets all over the world. Btw this is the first pakistani default in its international obligation.

 

[Umair Nawaz]

So pakistani supreme court > ICSID in your opinion.? You think anyone outside pakistan will accept that? The roosevelt hotel will be one of the first properties to be put on the block soon....and all pakistani assets all over the world. Btw this is the first pakistani default in its international obligation.

these courts n their decisions these days r irrelevant. China, America r biggest examples of that....Plus Pakistan's supreme court has given its verdict, and that counts according to our law....BTW same will happen with yr monkey too

 

[jetray]

Pakistan Must Pay $846M Award, Turkish Energy Co. Says

Law360 (June 21, 2018, 4:25 PM EDT) -- A Turkish energy company asked a D.C. federal judge Wednesday to confirm a nearly $846 million arbitration award issued after Pakistan detained several of the firm’s vessels, among other alleged misdeeds, saying the country must pay up now that an order staying enforcement of the award is over.

Karkey Karadeniz Elektrik Uretim AS’ complaint seeks recognition and enforcement of an award handed down by an International Centre for Settlement of Investment Disputes tribunal in August, concluding that Pakistan violated its obligations under a joint investment treaty...

https://www.law360.com/internationa...an-must-pay-846m-award-turkish-energy-co-says

Why is ummah brother not helping out pakistan?

hey long time no see.
By the way pakistan's financial rating got officially downgraded.

https://tribune.com.pk/story/1738734/1-moodys-downgrades-pakistans-rating-outlook-negative/

 

[Shabi1]

The ruling is from last year and there are attempts to settle it between governments. Pakistan doesn't want to make direct payment to the company.

Some history on this.

The reason why this happened is despite receiving advance payment the Turkish company was unable to provide the contracted amount of power it promised.

Pakistan's supreme court prohibited the ships to leave port while investigation and penalty was exercised. However the process was very slow.

The Turkish company went to international court against this detention of it's assets and loss of revenue while they were detained. They have won penalty against loss of revenue due to detention.

However they are still accountable to the contractual obligation they failed to fulfill to Pakistan so eventually there will be a settlement and both compensations will adjust. Pakistan want's the Turkish government to intervene and handle this.

 

[SunilM]

No

The ruling is from last year and there are attempts to settle it between governments. Pakistan doesn't want to make direct payment to the company.

Some history on this.

The reason why this happened is despite receiving advance payment the Turkish company was unable to provide the contracted amount of power it promised.

Pakistan's supreme court prohibited the ships to leave port while investigation and penalty was exercised. However the process was very slow.

The Turkish company went to international court against this detention of it's assets and loss of revenue while they were detained. They have won penalty against loss of revenue due to detention.

However they are still accountable to the contractual obligation they failed to fulfill to Pakistan so eventually there will be a settlement and both compensations will adjust. Pakistan want's the Turkish government to intervene and handle this.

Nope. It does not work like this. khuda ka khauf kar. Your SC ruling is inconsequential. International Arbitration does not work like this. The SC judgment came during the time the case was pending with the ICSID. It was put on record by Pakistan and thrown in the dustbin by the Arbitrators along with Pakistan's argument and counterclaim. A foreign award has been passed against Pakistan and it has no option but to comply. You can still settle with the Company but now it has an upper hand. Ofcourse you want your ummah brother to intervene, but remember ummah does not give jack shit when it comes to money. You will be made to pay the amount one way or the other even after you beg for relief from ummah brother it wont be forth coming.

Also the execution petition has been Filed in the US. And will be filed in all other countries where Pakistan has assets which will be seized. Your supreme Court cant interfere or do anything in those circumstances.

 

[A.A. Khan]

Whenever there is a fuel price hike in india @SunilM googles about Pakistan to post against it. How greatly bizarre and pathetic this individual must be sums up the mentality of a hindoo. and it'll never change. TRying to hide his own shithole nation by spending time on news about Pakistan He is truly winning in his psy ops rofl

 

[tarrar]

Raja rental should be dragged out

 

[A.A. Khan]

@tarrar

don't post to this ****** @SunilM googled news, he's here to bark let him bark alone

 

[SunilM]

Turkish Shylock twists Pak’s arm for $846m pound of flesh
Turkish Karkey demands immediate payment of $846 million arbitration award handed down by the ICSID in August 2017 to Pakistan.

By
Eleazar Bhatti
-
June 22, 2018
0
1015

LAHORE: Turkish energy company Karkey Karadeniz Elektrik Uretim on Wednesday approached the D.C Federal judge to confirm the $846 million arbitration award issued to Pakistan for detaining power generation vessels used during a power crisis in Karachi. The Turkish firm has now demanded that Pakistan must pay as the court stay order is now over.

Stating a violation of a joint investment treaty with Turkey, Karkey Karadeniz Elektrik has requested immediate recognition and enforcement of the award handed down by the International Centre for Settlement of Investment Disputes (ICSID) in August 2017, directing Pakistan to pay over $800 million for expropriating some of Karkey’s investments, including the Karadeniz Powership Kaya Bey, a floating marine vessel that generated power during the power crisis in Karachi.

According to Karkey’s statement, Pakistan is seeking to annul the award and had initially secured an enforcement stay, but that pause is now over. “Since the stay of enforcement of the award has been terminated, Pakistan is obligated to voluntarily and immediately comply with the award,” Karkey said. “Pakistan has not done so. As a result, Karkey is entitled to seek recognition and enforcement of the award pursuant to Article 54 of the ICSID Convention.”

Following the severe energy crisis faced by Pakistan during 2006 and 2007, the government of Pakistan began to explore power generation through rental power projects and Karkey subsequently became one of the successful bidders to provide power generation services to Pakistan.


Karkey had originally been awarded a $560 million contract for power ship operations in Pakistan to overcome the country’s power crisis. This contract had been for the provision of power generation vessels for the port city of Karachi in 2009 and was part of the famous “rental power projects” managed under former prime minister Raja Pervez Ashraf.

However, following serious corruption allegations, the Supreme Court of Pakistan voided the related contracts in 2012. Karkey claims that following this development, Pakistan detained four Karkey ships.

The ICSID tribunal ordered Pakistan to immediately release Karadeniz Powership Kaya Bey, however, the company pressed Pakistan for more than $2 billion in compensation related to its breach of the investment treaty, lost earnings and costs associated with detention.

The tribunal held in August concluded that Pakistan had indeed violated the investment treaty and ordered Pakistan to pay Karkey for outstanding invoices, unpaid contractual obligations, repair costs, lost revenue, replacement of other detained vessels and other indirect losses. The award also required Pakistan to pay for legal costs and interest applied from the date of the treaty violations.

The tribunal initially ordered Pakistan to pay $501 million, however, due to nonpayment and accumulation of interest, the total has grown to nearly $846 million, according to the company’s latest press release.

According to a report of the Global Arbitration Review (GAR), Pakistan filed an application for annulment with the ICSID on November 7, which was aimed at trying to quash a final award in favour of Karkey Karadeniz Elektrik Uretim.

Pakistan’s loss in the case against Karkey had first come about in September 2016, when the Attorney General of Pakistan (AGP), which coordinated the arbitration proceedings and the Power Division under the Ministry of Energy separately, confirmed that the arbitration by the ICSID of the World Bank had gone against Pakistan.

Karkey states that following Pakistan’s attempt at annulment of the award and initially securing a provisional stay of enforcement, the provisional stay ended on June 15 and now Pakistan needs to pay up.

https://profit.pakistantoday.com.pk...pay-millions-of-dollars-in-rental-power-dues/

 

[salarsikander]

Pakistan Must Pay $846M Award, Turkish Energy Co. Says

Law360 (June 21, 2018, 4:25 PM EDT) -- A Turkish energy company asked a D.C. federal judge Wednesday to confirm a nearly $846 million arbitration award issued after Pakistan detained several of the firm’s vessels, among other alleged misdeeds, saying the country must pay up now that an order staying enforcement of the award is over.

Karkey Karadeniz Elektrik Uretim AS’ complaint seeks recognition and enforcement of an award handed down by an International Centre for Settlement of Investment Disputes tribunal in August, concluding that Pakistan violated its obligations under a joint investment treaty...

https://www.law360.com/internationa...an-must-pay-846m-award-turkish-energy-co-says

Why is ummah brother not helping out pakistan?

@waz @Jungibaaz member and his post reported for constantly using Bing font texts to highlight his hatred and contributing nothing to forum other than specifically posting news against pakistan, all of his shit threads are filled with such filth

 

[UnitedPak]

Nope. It does not work like this. khuda ka khauf kar.

I honestly do not get why you are so frustrated about this. Nobody else seems to be, other than you.

 

[Dubious]

@waz please merge this with https://defence.pk/pdf/threads/paki...-in-dispute-with-karkey.564141/#post-10572725