Karkey Karadeniz Electrik Uterim
A Turkish company namely Karkey Karadeniz Electrik Uterim (Karkey) was found involved in corruption, a core committee comprised of civil and military leadership led to the uncovering of evidence of corruption in Turkey, Switzerland, Lebanon, Panama and Dubai (the UAE). This evidence was presented to the International Centre for Settlement of Investment Disputes (ICSID) Tribunal by the Core Committee.
Pakistan Army amicably resolved the Karkey dispute and saved Pak USD 1.2 billion penalties imposed by ICSID. If the dispute had not been settled and Pakistan would have paid the amount, Pakistan’s GDP would have shrunk by nearly 2% and Pakistan would have defaulted on its international obligations.
Due to the Army’s countless efforts under the leadership of COAS, Pakistan was saved from the $11 billion penalty in the Reko Diq case and reconstituted a project aimed at excavating huge gold and copper reserves from the site in Balochistan. The Reko Diq agreement was a result of COAS’ personal efforts as he convinced all parties to a National Consensus.
Pakistan Army’s relentless efforts in developing, synergizing and coordinating a comprehensive action plan for FATF compliance, have proved to be monumental in achieving unprecedented progress in the FATF implementation.