ISLAMABAD: The National Accountability Bureau (NAB) settled the RPP case involving the infamous Turkish company KARKAY, with a ship based power plant, recovering Rs1.65 billion. According to a press release, the Turkish firm will now be allowed to leave the country after paying damages.
Earlier, the firm had applied for international arbitration by claiming $291 million from Pakistan. During negotiations, NAB convinced the Turkish firm to not invoke international arbitration and instead of paying damages to the Turkish Firm, convinced KARKAY to pay damages to Pakistan amounting to $17.2 million.
Published in The Express Tribune, November 1st, 2012.
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