Capabilities

Karkey Karadeniz Elektrik Uretim A.S. v. The Islamic Republic of Pakistan (ICSID Case No. ARB/13/1)

Karkey Karadeniz Elektrik Uretim A.S
2013 - Ongoing

The firm was lead counsel to the claimant, Karkey Karadeniz Elektrik Uretim A.S. (“Karkey”), a Turkish energy company, in a successful ICSID arbitration against the Islamic Republic of Pakistan. The tribunal unanimously issued a final award in our client’s favor on 22 August 2017, finding Pakistan liable under the applicable treaty, and ordering Pakistan to pay damages in an amount that with interest is approximately $850 million. We understand that at the time of issuance, this was the third-largest award of damages in ICSID history and the sixth-largest investment arbitration of all time (excluding awards that were later annulled). Further, the tribunal ordered Pakistan to reimburse Karkey approximately US$10 million for legal fees and costs. (Note: Pakistan has initiated annulment and revision proceedings at ICSID, which are currently pending, as are award enforcement proceedings commenced by Karkey in US, UK, and Dutch courts.)

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