2013
Karkey Karadeniz v. Pakistan Karkey Karadeniz Elektrik Uretim A.S. v. Islamic Republic of Pakistan (ICSID Case No. ARB/13/1)
Pakistan
Turkey
Rights under a contract concluded with a State-owned electricity company to provide four power-generating vessels to the port of Karachi.
Claims arising out of the alleged unlawful detention by the Government of four electricity-generating vessels owned by the claimant, as well as alleged breaches of contractual payment obligations for electricity generated.
Tertiary: D - Electricity, gas, steam and air conditioning supply
35 - Electricity, gas, steam and air conditioning supply
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
Derains, Y.
Grigera Naón, H. A.
Edward, D. A. O.
Decided in favour of investor
Decision on the Respondent’s request to address the objections to jurisdiction as a preliminary question dated 13 May 2014
2000.00 mln USD
490.40 mln USD
Direct expropriation

Transfer of funds
Direct expropriation

Transfer of funds
ICSID annulment proceedings
ICSID annulment proceedings
Pending
None
Böckstiegel, K.-H. (President)

Bull, C. (Member)

Ufot, D. U. (Member)
https://icsid.worldbank.org/en/Pages/cases/casedetail.aspx?CaseNo=ARB/13/1
http://www.iareporter.com/articles/20121221_2 (requires subscription)
http://globalarbitrationreview.com/news/article/31355/pakistan-faces-icsid-claim-detaining-turkish-ships/ (requires subscription)
http://globalarbitrationreview.com/news/article/31990/pakistan-ordered-release-detained-vessel/ (requires subscription)
http://globalarbitrationreview.com/news/article/32455/pakistan-changes-counsel-power-ship-claim/ (requires subscription)
http://www.iareporter.com/articles/pakistan-seeks-to-overturn-hefty-award-in-favour-of-turkish-investor/ (requires subscription)
http://www.iareporter.com/articles/turkish-investor-karkey-wins-icsid-claim-pakistan-confirms-to-iareporter-that-it-lost-case-but-is-pursuing-settlement-local-media-report-that-liability-approaches-700-million/ (requires subscription)
https://www.iareporter.com/articles/three-are-named-by-icsid-to-hear-pakistans-bid-to-overturn-hefty-800-million-arbitration-loss/ (requires subscription)
https://globalarbitrationreview.com/article/1147493/pakistan-faces-ususd800-million-bill-for-detaining-power-ships (requires subscription)
https://globalarbitrationreview.com/article/1149985/pakistan-seeks-to-reverse-icsid-defeat-in-power-vessel-case (requires subscription)
http://www.karadenizenergy.com/en/Web/PressReleasesDetail/438
https://www.arnoldporter.com/en/services/experience/karkey-karadeniz-elektrik-uretim-as/karkey-karadeniz-elektrik-uretim-as-v-the-islami__
https://tribune.com.pk/story/1555330/1-pakistan-gets-stay-800m-karkey-penalty/
https://www.iareporter.com/articles/karkey-v-pakistan-part-1-of-3-tribunal-finds-no-trace-of-corruption-and-views-certain-evidence-offered-for-sale-to-pakistan-as-a-probable-extortion-manoeuvre/ (requires subscription)
https://www.iareporter.com/articles/karkey-v-pakistan-part-2-of-3-arbitrary-supreme-court-ruling-is-judicial-expropriation-free-transfers-clause-breached-in-preventing-departure-of-vessels/ (requires subscription)
https://www.iareporter.com/articles/karkey-v-pakistan-part-3-of-3-in-determining-damages-tribunal-applies-country-risk-and-size-premia-and-awards-half-investors-costs-due-to-pakistans-lack-of-cooperation-in-the-p/ (requires subscription)