Settlement agreement with Ozpak concludes

The Express Tribune | 12 December 2023

Settlement agreement with Ozpak concludes

by APP

ISLAMABAD: The Ministry of Law and Justice successfully concluded a settlement agreement with Ozpak, a Turkish company, in longstanding arbitration proceedings pending in the International Centre for Settlement of Investment Disputes (ICSID).

The signing ceremony held at the Ministry of Law and Justice was witnessed by the representative of the Turkish Embassy, a statement said.

The ceremony was also attended by key figures of the government of Pakistan, including the BoI additional secretary, International Disputes Unit of the Attorney General’s Office head, and the Ministry of Law and Justice senior consultant.

Lahore Waste Management Company CEO Babar Sahib Din and other officials also attended the ceremony.

From the Turkish investor’s company, Nizam Uttin, country head of Pakistan Ozpak, Project Director Afzal Shah, and CFO Ozpak Azhar Muir were also present to witness the historic agreement.

Representative of the Turkish Embassy highlighted the strong brotherly relations of Pakistan and Turkiye and the settlement of the disputes by negotiation, thereby fostering a positive atmosphere for future investments.

Ozpak also acknowledged the dedication efforts of the Ministry of Law and Justice, BoI, and International Disputes Unit for the settlement of the dispute.

This resolution not only brings closure to the dispute but also reinforces investor confidence in Pakistan’s commitment to a conducive business environment.

This successful resolution underscores the government’s commitment to maintaining a fair and transparent business environment, promoting international cooperation, and fostering enduring partnerships.