ISLAMABAD – Pakistan to get a good news over $1.2 billion internationalfine,Senior lawyer and Pakistan Tehreek-e-Insaf (PTI) leader Babar Awan hasrevealed.
said that the $1.2 billion penalty that Pakistan has to pay to Turkey’sKarkey rental power plant is likely to be waived, a private media outletreported link.
“International institutions, through high-level backdoor contacts, haveagreed to waive off the penalty. This is very good news for Pakistan,” saidAwan while addressing the media on Friday. “International institutions haveshown their trust in Prime Minister Imran Khan.”
Last year, the International Centre for Settlement of Investment Disputes(ICSID) had asked Pakistan to pay $760 million along with interest toKarkey Karadeniz Elektrik Uretim, the Turkish ship-based energy firm, afterit filed arbitration claims against the country under the BilateralInvestment Treaty.
Following the decision, Karkey went to the US, the UK and Germany forenforcing the court’s ruling.
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Pakistan’s assets abroad were at major risk of being taken over as securityto enforce the international court’s verdict, which could have hugefinancial implications for the country.
