NAB gives Karkey seven days to pay $128 million - thenews.com.

pk

12/6/12 2:38 AM

NAB gives Karkey seven days to pay $128 million - thenews.com.pk

ISLAMABAD: The National Accountability Bureau (NAB) on Monday finally sent a notice to the Turkish company Karkey for the recovery of $128 million, as directed by the Supreme Court. The notice gives Karkey seven-day deadline to deposit $128 million.

NAB spokesman Zafar Iqbal has confirmed that the notice has been sent. The Supreme Court last Monday had directed NAB to recover $120 million from Karkey. But the stakeholders during their meeting with NAB officials said that actual amount to be recovered was $128 million.

Senior officials of NAB told The News that based on the calculations of the stakeholders NAB has sent notice for the recovery $128 million.NAB officials further said that NAB would not allow Karkey to sail out of Pakistan before the recovery of full amount of $128 million.

NAB and Karkey had entered into an agreement under which the Turkish company agreed to pay approximately $20 million
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NAB gives Karkey seven days to pay $128 million - thenews.com.pk

12/6/12 2:38 AM

to the government of Pakistan and gave assurance that the company would not approach any international court for arbitration.

On the deal between NAB and Karkey, Makhdoom Faisal Saleh Hayat wrote a letter to Chief Justice Iftikhar Muhammad Chaudhry in which he requested the Supreme Court to stop the relevant authorities and state functionaries from letting the rental power ship Karkey sail out of Pakistan before the recovery of full amount of Rs22 billion.

He had stated in his letter that Karkey was paid US$ 79,050,000 on May 12, 2009, US$ 103,517,337 (US$ 9.4 million paid monthly), interconnection charges US$ 10,416,000 (Approximately Rs1 billion), interest on advance payment US$ 33,754,350 (@14% from 12/05/2009) and customs duty and taxes US$ 1,000,000 that translate into US$ 227,737,687 or Rs21,862,917, 952 (Rs22 billion approximately).

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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NAB gives Karkey seven days to pay $128 million - thenews.com.pk

12/6/12 2:38 AM

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