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.