KARACHI – The Turkey’s ship finally all set to sail to Dubai as Sindh High Court (SHC) has now ordered government of Pakistan to release the Kaya Bey detained in Pakistani waters since April, 2012.
According to the court correspondents, the government of Pakistan had ceased four ships of Turkey in April 2012 when one local power generating company ‘Lakhra Powers’ sued Turkey’s Karkey Karadeniz ElektrikUretim A.S. (Karkey) over a dispute.
The Karkey was responsible to establish a Rental Power Project (RPP) at Karachi’s coastal line which later marred with financial and business dispute.
The matter was then brought to the independent tribunal of International Centre for Settlement of Investment Disputes (ICSID), established under the World Bank’s supervision to settle international business disputes.
The ICSID gave verdict in the favor of Turkey’s Karkey company, however, the SHC overturned the verdict and ordered to kept detaining the four ships.
It is pertinent to mention here that Turkey’s Karkey was only interested in the return of one Powership named Kaya Bey registered under the Turkish flag. The company wanted the ship to be be immediately released from detention and allowed to sail to Dubai for repairs.
Later, SHC ordered to get the cost estimate of remaining three ships which turned out to be $ 119 billion. Upon this, on April 7, SHC ordered to release the Kaya Bey.