Arnold & Porter Kaye Scholer Obtains ICSID Victory for Karkey
Arnold & Porter Kaye Scholer recently secured an important victory for leading Turkish energy company Karkey Karadeniz Elektrik Uretim A.S. (Karkey) in an ICSID arbitration against the Islamic Republic of Pakistan. In August 2017, the tribunal unanimously issued a final award, finding Pakistan liable under the Turkey-Pakistan bilateral investment treaty, and ordering Pakistan to pay approximately $800 million in damages, including interest. The award for Karkey is one of the largest damages awards in ICSID history.
The team included International Arbitration partners Paolo Di Rosa, Anton Ware, Larry Schneider, and David Reed; Corporate and Finance partner Raul Herrera; and International Arbitration associates Amy Endicott, José Antonio Rivas, John Muse-Fisher, Monty Taylor, and Bart Wasiak.