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ISLAMABAD: The National Accountability Bureau (NAB) has failed despite marathon deliberations to finalise the modalities for sending a notice to the Turkish Company Karkey for the recovery of $120 million as directed by the Supreme Court.
The in-house deliberations with the stakeholders have so far yielded no results. The NAB’s legal and technical experts and officials of the Ministry of Water and Power and Nepra have discussed the issue for four days but nothing has come out yet.
NAB spokesman Zafar Iqbal has confirmed that in-house deliberations were going on with all the stakeholders. “It is a sensitive issue and we want to ensure that all the stakeholders are on board,” he added.
The Supreme Court last Monday directed NAB to ensure the recovery of $120 million from Karkey.NAB and Karkey had entered into an agreement under which the Turkish company agreed to pay approximately $20 million to the government of Pakistan and gave assurance that the company would not approach any international court for arbitration.
Makhdoom Faisal Saleh Hayat had requested the Supreme Court to stop the relevant authorities and state functionaries from letting Karkey sail out before the recovery of full amount of Rs22 billion.
NAB says the Turkish company has demanded $291 million from the government of Pakistan and issued a notice to ministry of water and power for initiating proceedings in the International Court for Settlement of Investment Disputes.
The in-house deliberations with the stakeholders have so far yielded no results. The NAB’s legal and technical experts and officials of the Ministry of Water and Power and Nepra have discussed the issue for four days but nothing has come out yet.
NAB spokesman Zafar Iqbal has confirmed that in-house deliberations were going on with all the stakeholders. “It is a sensitive issue and we want to ensure that all the stakeholders are on board,” he added.
The Supreme Court last Monday directed NAB to ensure the recovery of $120 million from Karkey.NAB and Karkey had entered into an agreement under which the Turkish company agreed to pay approximately $20 million to the government of Pakistan and gave assurance that the company would not approach any international court for arbitration.
Makhdoom Faisal Saleh Hayat had requested the Supreme Court to stop the relevant authorities and state functionaries from letting Karkey sail out before the recovery of full amount of Rs22 billion.
NAB says the Turkish company has demanded $291 million from the government of Pakistan and issued a notice to ministry of water and power for initiating proceedings in the International Court for Settlement of Investment Disputes.
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