September 21 , 2017
News
$700m fine slapped on Pakistan shocks Sherry Rehman
ISLAMABAD: PPP 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, the PPP vice president said, "This was the very case that Khawaja Asif had taken to NAB against Raja Pervaiz 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." "The Turkish company Karkey Karadeniz Elektrik Uretim AS 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 the PPP senator.
"When was the government planning to inform the parliament and the people of Pakistan about this Rs. 74 billion award?" questioned Rehman in the Senate. She 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". She said, "Despite spending more than Rs 1.3 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%."
Courtesy www.dailytimes.com.pk