Decision in Karkey case overshadows Pakistan’s recent success

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While Pakistan has won a number of cases in international forums and recovered a considerable amount of funds, the award of more than $800 million to a Turkish firm has eclipsed all previous cases, a local media outlet reported on Sunday.

The International Centre for Settlement of Investment Disputes (ICSID) in August last year awarded $846 million to Turkish power company Karkey Karadeniz Elektrik Uretim AS.

Pakistan had hired legal firm Allen and Overy for the case and paid $10 million in fees. The country is allowed to file a revision against the decision within three years.