Int’l fine concealed on lost rental power case

Int’l fine concealed on lost rental power case

 

 

ISLAMABAD, September 20, 2017: Vice-President PPPP, Senator Sherry Rehman voiced her shock and concern over the undisclosed $700 million fine slapped by the International Centre for Settlement of Investment Disputes (ICSID) on Pakistan.

 

Speaking on the floor of the House, Rehman said, “This was the very case that Khwaja Asif had taken to NAB against Raja Parvez Ashraf as the famous Rental Power case. As a result of PML-N not allowing the PPP to install power, Pakistan is now losing taxpayer money in international arbitration”.

 

“Not only did the government conceal this fact since 2016 it also tried to cover up the fine of $700 million that Pakistan will now have to pay now for the suspension of the contract!”

 

“The Turkish company Karkey Karadeniz Elektrik Uretim A.S, had been awarded this contract to provide barges but the Supreme Court under Justice Iftikhar Chaudhry refused to allow even a settlement by the public prosecutor with the Turkish company. The company went to the ICSID for arbitration, and won the award,” she added.

 

“Not only did the government conceal this fact since 2016 it also tried to cover up the fine of $700 million that Pakistan will now have to pay now for the suspension of the contract!” exclaimed Rehman.

 

“As a result of PML-N not allowing the PPP to install power, Pakistan is now losing taxpayer money in international arbitration”

 

She further added, “The absence of parliamentary oversight especially in key international arbitration cases is a major reason why Pakistan has been losing several important international cases”.

Rehman pointed out that, “Despite spending more than Rs1.3 billion on lawyers’ fees to contest the cases which are recently being adjudicated before the ICJ, Pakistan’s success rate in international arbitration cases stands at a shocking 2%”.

 

 

“When was the government planning to inform the parliament and the people of Pakistan about this Rs. 74 billion award?”

 

“We need to address these issues, especially the importance of parliamentary oversight immediately if we are to have a chance at winning our ongoing international cases,” concluded the Senator.


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