According to the reports, the International Center for Settlement of Investment Disputes (ICSID), a branch of the World Bank to offer various arbitration and conciliation services for different Governments and private foreign investors’ disputes, has announced its stand on the issue on the conflict with a Turkish firm on September 20. There had been a long-term dispute with a Turkish Firm named Karkey Karadeniz Elektrik Uretim, the ICSID has recently announced its stand and charged a fine of $1.6 billion on Pakistan for involvement in the matter.
The Turkish Company, Karkey Karadeniz Elektrik Uretim had lodged a complaint with the help of ICSID against Pakistan in the year of 2013. The Turkish company had complained about the basis of violating their contract as much as $564.6 million for the time of five years. They also addressed that the project was aimed at building various Rental Power plants in the capital city located in Karachi. Till date the judgment remained incomplete due to various obstructions in the process, however, everyone is now happy with the decision made by the International Center for Settlement of Investment Disputes (ICSID).
One of the major reasons for the delayed judgment is the decision of the Supreme Court that prevented the progress of the case. It was 2012 when Iftikhar Chaudhry, the Chief Justice of the Supreme Court of Pakistan ordered to shutter all the Rental Power projects that are being built across the nation. According to the report, the Government of Pakistan is required to submit the compensation of Rs 700 million to Karkey Karadeniz Elektrik Uretim through the Turkish Government in March 2017.