Compare Listings

The Disturbing Penalty of Karkey Case On Pakistan Is Expected to Put Aside

The Disturbing Penalty of Karkey Case On Pakistan Is Expected to Put Aside

PTI leader and senior lawyer Babar Awan said that the $1.2 billion penalty that Pakistan needs to pay to Turkey’s Karkey rental power plant is expected to be put aside.

Karkey is a Turkish Firm and awarded as one of the top 12 rental power companies. Karkey installed a 232megawatt ship-based power plant. They signed the rental agreement in 2009. But, in 2012 the Supreme Court declared the rental agreements of 2008 to be illegal.

The ship came to Karachi Port in 2011 to overcome the energy crisis. We paid 9 million dollars in advance to the management. But, the ship plant could not produce the expected 231MW. Instead, it only generated 30-55 MW.

Last year, the penalty of 760 million dollars with interest was declared on Pakistan to pay to the Karkey. Then, they went to the US, UK, and Germany according to the decision. After the Karkey case, the foreign properties of Pakistan were at risk.

But now, Babar Awan said that the penalty is likely to be waived. That’s positive news for our country. It’s because of the trust of international institutes on Imran Khan.

Read More: The Multi-billion Dollar CPEC Project ML-1 Railways Is Back On the Track

img

Tahira Yameen

    Related posts

    Gwadar City Is Getting Developed In the Terms of Improved Construction, GDA

    Gwadar Development Authority (GDA) is struggling to make Gwadar city one of the best and Developed...

    Continue reading
    by Tahira Yameen

    China Is Showing Interest in the Improved Reconstruction of Pak Railways

    Beijing: Cheng Xizhang, the special commentator of China Economic Net said, China is the home of...

    Continue reading
    by Tahira Yameen

    The Visit of Fawad Chaudhry for Solar Projects is Proving to Be Beneficial for the State

    Fawad Chaudhry, the Federal minister of technology and science is in Beijing on a 6-day visit....

    Continue reading
    by Tahira Yameen