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 successfully acted as lead counsel to Karkey Karadeniz Elektrik Uretim A.S. (“Karkey”), a Turkish energy company, in an 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 at the time of the award, was approximately $800 million. We understand that at that time this was the third-largest award of damages in ICSID history, and sixth-largest in investment arbitration generally (excluding awards that were later annulled). Further, the tribunal ordered Pakistan to reimburse Karkey approximately US$10 million for legal fees and costs. (Pakistan later initiated annulment and revision proceedings at ICSID. However, pursuant to a settlement between the parties, such proceedings were discontinued, as were various enforcement proceedings that Karkey was advancing in different jurisdictions worldwide.)

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