Imran Khan reveals Erdogan help him out of "big predicament"

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ISLAMABAD (Reuters) – Pakistan's Prime Minister Imran Khan has revealed that Turkish President Recep Tayyip Erdogan has helped him with a compensation claim filed by Turkey's Karadeniz power producer.

"The government of the Pakistan Justice Movement (PTI), amicably resolved the dispute with Karaki, with Erdogan's support, and saved a $ 1.2 billion fine imposed by the International Center for Settlement of Investment Disputes," Imran Khan tweeted.

He congratulated the Pakistani Prime Minister, the delegation of his government who participated in the talks with the company, to reach a settlement.

The dispute between Karki and the Pakistani state dates back to 2012, after Islamabad seized four vessels belonging to the company, two of them to produce electricity, in accordance with the Constitutional Court's decision, in a corruption case against the Prime Minister, former Energy Minister Raja Pervez Ashraf.

The "Karki" at the time, that this decision is contrary to the "Agreement on the promotion and protection of mutual investments between Turkey and Pakistan," and filed a lawsuit against Islamabad, at the World Bank.

The Center committed Pakistan to pay $ 845 million initially, and withholding payment, interest and legal expenses, the amount rose to $ 1.2 billion, during the last period.



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