ISLAMABAD - The National Accountability Bureau (NAB) yet has to recover an amount of about $135 million from Karkay on of the Rental Power Projects (RPPs) installed to meet the energy crisis in the country sources told The Nation on Thursday.

According to details, the Turkish power generation company Karkey Karadeniz Elektrik Uretim has filed a case against the Government of Pakistan for compensation of losses worth $700 million, in the International Center for Settlement of Investment Disputes (ICSID) for losses due to its vessels not being allowed to leave Karachi Port for almost 16 months, the sources added.

The administrative council of ICSID appointed Yves Derains a French national as the presiding arbitrator and two other members of the arbitration Horacio Grigera Nao from Argentine is appointed by the claimant and DavidA.O a British national is appointed by the Chairman of the Administrative council in accordance with Article 38 of the ICSID Convention, the sources added.

NAB issued summon notices to seven Karkay Board of Directors (BoD) namely, Nuri Dogan Karadeniz, Yasin Suudi, Ibrahim Selami Colak, Osman Murat Karadeniz, Orhan Remzi Karadeniz, Ali CanTakunyaci and Nuray Atacik to appear before the investigation team but none of them joined the course of interrogation and investigation, the sources added.

When contacted Director General NAB Rawalpindi to seek official version he said the bureau has completed its findings and the appointment of Chairman is awaited as after the approval of chairman the NAB will file a reference against Karkay in Accountability Court (AC)-1 Islamabad.

Similarly, Karkey has also filed a case against Pakistan in London Court of International Arbitration for which the legal penalty has not yet been finalised and the Karkey rental power project also was remembered as one of the most controversial project the sources said. Karkey was commissioned by the PPP-led government in April 2011, but it failed to generate 232 MW of electricity and under the agreement, the government paid $9 million as capacity charges to the management of Karkey power plant. However, actual production came to 30-55 MW of electricity per day at the cost of Rs42 per unit the sources said.

However, the Supreme Court Pakistan took the sue moto action against all RPPs starting from 2006 onwards including Karkey plant and the SCP in its judgment on March 30, 2012 declared all RPPs deals as void and the apex court directed NAB to take actions against all RPPs, the sources added.

ICSID in Washington DC has fixed September 30th for the submission of Pakistan’s defence in Karkay case against Government of Pakistan and just ten days after submission of Pakistan’s defence on October 8th the final decision would be announced, the sources added.

NAB has dispatched the correspondence files to Ministry of Water and Power regarding its correspondence with Karkay as the ministry would follow the case the sources said. The first ICSID hearing took place on September 16th and the next date for hearing was fixed 30th this month the sources said.

Karkey is a Turkish company that is an international leader in the design, construction and operation of floating power plants known as Power ships. Pakistan currently detains four of Karkey’s vessels within its territorial waters, including two power ships being maintained by a skeleton crew of 30 Turkish nationals and these ships were harboured at KPT the sources said.