ISLAMABAD:(web desk)-According to media reports The government is trying to downplay the international arbitration loss in a rental power project case to Turkish firm Karkey Karadeniz, which claims to have secured an $800 million compensation award.
The office of the Attorney General of Pakistan (AGP), which coordinated the arbitration proceedings, and the Power Division under the Ministry of Energy separately confirmed on Thursday that the arbitration by the International Centre for Settlement of Investment Disputes (ICSID) of the World Bank had gone against Pakistan.
However, both of them said in their statements that the amount of the compensation award had not been concluded and was still subject to a mutual settlement.
Exact amount of compensation award is still subject to mutual settlement, according to AGP office
Both institutions have been avoiding media queries about the issue for more than a week. Now they have said the amount of the award quoted in newspapers – $700 million and $1.6 billion – is incorrect. They advised the media to be careful in reporting on the issue.