Pakistan has sought a 20-day extension to file its reply to the International Centre for Settlement of Investment Disputes (ICSID) against a damage claim of $2.1 billion filed by Turkish firm M/s Karkey Karadeniz Elektrik Uretim. The sources said Pakistan had to submit its reply to the international body by February 28, 2014 but it was delayed due to a change in legal firm.
Karkey Karadeniz Electricity Production Corporation (Karkey) has filed a memorial to the World Bank’s International Centre for Investment Disputes (ICSID) claiming $2.1 billion damages against government of Pakistan.
A shareholder from the United Kingdom of the company Progas Pakistan has initiated international arbitration proceedings of $573 million against Pakistan for alleged expropriation of its LPG infrastructure in Karachi and the government has decided to vigorously contest the case.
Ecuador’s highest court upheld a verdict that US oil company Chevron Corp is responsible for pollution in an Amazon rainforest, but halved the fine imposed in a previous trial to $9.5 billion, a decision the company dismissed as illegitimate.
Argentina has agreed to settle five separate investment treaty arbitration claims at a cost of around USD 500 million, in an historic departure from the Latin American state’s refusal to comply with awards made by international investment treaty arbitration bodies.
The Turkish power firm Karkey Karadeniz Elektrik Uretim (KKEU) has approached the Washington based International Centre for Settlement of Investment Disputes (ICSID) against Pakistan’s water and power ministry and also served a Rs33billion damage notice on the ministry, sources said on Wednesday.
Argentina’s Supreme Court revoked a US$19 billion embargo on the assets and future income of Chevron Corp.’s Argentina subsidiary, giving the US oil giant a victory in a decades-old battle with indigenous groups in Ecuador.
A US-funded energy firm, Lone Pine Resources, is using investor rights provisions in the North American Free Trade Agreement (NAFTA) to challenge Quebec’s 2011 moratorium on hydraulic fracturing for natural gas.
The COVID-19 pandemic has led States to adopt various public health measures that adversely affect foreign investors and exacerbate broader economic issues. In this climate, there is significant potential for disputes under the ECT.