ICSID Halts $800M Award Over Pakistan Power Plant Seizure

Law360, Los Angeles (November 14, 2017, 7:17 PM EST) -- The International Centre for Settlement of Investment Disputes has agreed to stay the execution of an award to a Turkish energy firm said to be worth $800 million after Pakistan seized one of its floating oil-burning power stations in 2013, according to news reports.

Pakistani newspaper The Express Tribune reported over the weekend that the country's attorney general Ashtar Ausaf Ali has confirmed the ICSID issued a stay that Pakistan requested earlier this month on the award to Karkey Karadeniz Elektrik Uretim AS.

On Tuesday, Pakistan's attorneys Diego Gosis and Ignacio Torterola of GST LLP told Law360 that they felt they...

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