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0)1CSID TELEPHONE (202) 458 1534 I FACSIMILE {202) 522 2615 August 22, 2017 by Courier (Advance Copy by Emai{ Case 1:18-cv-01461-RJL Document 1-1 Filed 06/20/18 Page 1 of 310 [CL-0259] INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES 1818 H STREET. NW I WASHINGTON. DC 20433 I USA (0)1CSID TELEPHONE (202) 458 1534 I FACSIMILE {202) 522 2615 WWW.WORLDBANK.ORG/ICSID August 22, 2017 By courier (advance copy by emai{) Karkey Karadeniz Elektrik Uretim Islamic Republic of Pakistan A.S. c/o Mr. Ahmad I. Aslam c/o Mr. Orhan Remzi Karadeniz c/o Mr. Syed Ahmad Hassan Office of the Attorney General for Ms. Nazli Dereli Oba Shah Pakistan and Hassan Kaunain Nafees Supreme Court Building c/o Mr. Paolo Di Rosa Legal Practitioners and Constitution A venue Mr. Lawrence Schneider Advisors Islamabad Mr. Jose Antonio Rivas 207, Second Floor, Block 8 Pakistan Arnold & Porter LLP Shoukat Complex, Markaz F-6 and 60 I Massachusetts A venue NW Islamabad c/o Mr. Mark Levy Washington, DC20001-3743 Pakistan Ms. Kate Davies United States of America Ms. Louise Fisher and Mr. Guled Yusuf c/o Mr. Anton Ware Mr. Alastair Campbell Ms. Amy V. Endicott Ms. Olga Owczarek Mr. John Muse-Fisher Allen & Overy LLP Arnold & Porter LLP One Bishops Square 7th Floor London EI 6AD Three Embarcadero Center United Kingdom San Francisco, CA 94111 and United States of America c/o Ms. Judith Gill QC and Allen & Overy LLP c/o Mr. David Reed 50 Collyer Quay Mr. Monty Taylor #09-01 OUE Bayfront Ms. Bridie McAsey Singapore, 049321 Arnold & Porter LLP and Tower 42 c/o Mr. Matthew Hodgson 25 Old Broad Street Allen & Overy LLP London EC2N l HQ 9th Floor United Kingdom Three Exchange Square Central and Hong Kong c/o Ms. Maria Chedid Mr. Carson Thomas Baker & McKenzie LLP Two Embarcadero Center 11 •h Floor San Francisco, CA 94111 United States of America and Mr. Nicholas Kennedy 160 l Bryan Street, Suite 800 Dallas, TX 7 520 l United States of America Re: Karkey Karadeniz Elektrik Uretim A.S. v. Islamic Republic of Pakistan (ICSID Case No. ARB/13/ 1) Dear Mesdames and Sirs, Please find enclosed a certified copy of the Tribunal's Award dated August 22, 2017. Case 1:18-cv-01461-RJL Document 1-1 Filed 06/20/18 Page 2 of 310 Pursuant to Arbitration Rule 48, I have authenticated the original text of the A ward and deposited it in [CSID's archives. In accordance with Arbitration Rule 48, the Award is deemed to have been rendered on the date of dispatch, which is indicated on the original text of the Award and on all copies. [n accordance with Section 25.1 of Procedural Order No. 1, "(t]he ICSID Secretariat shall not publish any ruling issued in the present proceeding without the consent of the parties, unless it has been previously published by any other source." Further to the parties' correspondence of April 25, 2017, I note the parties' agreement "to maintain the confidentiality of the Award upon its issuance, pending discussions between the parties." yi!l?dl Martina Polasek Acting Secretary-General Enclosure cc (with enclosure): Members of the Tribunal 2 Case 1:18-cv-01461-RJL Document 1-1 Filed 06/20/18 Page 3 of 310 INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES In the arbitration proceeding between KARKEY KARADENIZ ELEKTRIK URETIM A.S. Claimant and ISLAMIC REPUBLIC OF PAKISTAN Respondent ICSID Case No. ARB/13/1 AWARD Members of the Tribunal Mr. Yves Derains, President Sir David A.O. Edward Dr. Horacio A. Grigera Naón Secretary of the Tribunal Ms. Geraldine R. Fischer Assisting Legal Counsel Ms. Celeste Mowatt Assistant to the Tribunal Ms. Ana Paula Montans Date of dispatch to the Parties: 22 August 2017 Case 1:18-cv-01461-RJL Document 1-1 Filed 06/20/18 Page 4 of 310 REPRESENTATION OF THE P ARTIES Representing Karkey Karadeniz Elektrik Representing the Islamic Republic of Uretim A.S.: Pakistan: Karkey Karadeniz Elektrik Uretim A.S. Allen & Overy LLP Mr. Orhan ReII1Zi Karadeniz Mr. Mark Levy Ms. Nazli Dereli Oba Ms. Kate Davies Ms. Louise Fisher and Mr. Guled Yusuf Mr. Alastair Campbell Arnold & Porter LLP Ms. Olga Owczarek Mr. Paolo Di Rosa One Bishops Square Mr. Lawrence Schneider London El 6AD Mr. Jose Antonio Rivas United Kingdom 601 Massachusetts A venue NW Washington, DC 20001-3743 Ms. Judith Gill QC United States of America 50 Collyer Quay #09-01 OUE Bayfront Mr. Anton Ware Singapore, 049321 Ms. Amy V. Endicott Mr. John Muse-Fisher Mr. Matthew Hodgson 7th Floor 9th Floor Three Embarcadero Center Three Exchange Square Central San Francisco, CA 94111 Hong Kong United States of America and Mr. David Reed Mr. Monty Taylor Office of the Attorney General for Pakistan Ms. Bridie McAsey Mr. Ahmad I. Aslam Tower42 Supreme Court Building 25 Old Broad Street Constitution A venue London EC2N lHQ Islamabad United Kingdom Pakistan and Case 1:18-cv-01461-RJL Document 1-1 Filed 06/20/18 Page 5 of 310 Baker & McKenzie LLP Ms. Maria Chedid Mr. Carson Thomas Two Embarcadero Center 11th Floor San Francisco, CA 94111 United States of America Mr. Nicholas Kennedy 1601 Bryan Street, Suite 800 Dallas, TX 75201 United States of America and Hassan Kaunain Nafees Legal Practitioners and Advisors Mr. Syed Ahmad Hassan Shah 207, Second Floor, Block 8 Shoukat Complex, Markaz F-6 Islamabad Pakistan ii Case 1:18-cv-01461-RJL Document 1-1 Filed 06/20/18 Page 6 of 310 TABLE OF CONTENTS I. INTRODUCTION AND PARTIES ...................................................................................... 1 II. PROCEDURAL HISTORY ................................................................................................... 1 A. Registration of the Request for Arbitration .................................................................... 1 B. Tribunal Constitution ..................................................................................................... 2 C. The Written and Oral Procedure .................................................................................... 3 (1) The Claimant’s Request for Provisional Measures ................................................. 3 (2) The Written Phase on Jurisdiction and the Merits .................................................. 8 D. The Hearing on Jurisdiction and the Merits ................................................................. 14 lll. FACTUAL BACKGROUND .............................................................................................. 17 IV. SUMMARY OF THE PARTIES’ CLAIMS AND REQUESTS FOR RELIEF ................. 36 A. The Claimant’s Position ............................................................................................... 36 (1) Jurisdiction ............................................................................................................ 36 (2) Attribution ............................................................................................................. 44 (3) Merits .................................................................................................................... 45 (4) Damages ................................................................................................................ 56 (5) Counterclaim ......................................................................................................... 74 (6) The Claimant’s Request for Relief ....................................................................... 76 B. The Respondent’s Position ........................................................................................... 77 ( 1) Jurisdiction ............................................................................................................ 77 (2) Attribution ........................................................................................................... 100 (3) Merits of Karkey’s Claims under the Express Terms of the Treaty ................... 101 (4) Merits of Karkey’s Additional Claims Brought under the MFN Clause ............ 107 (5) Damages .............................................................................................................. 115 (6) Pakistan’s Counterclaims .................................................................................... 131 (7) The Respondent’s Request for Relief ................................................................. 135 V. THE TRIBUNAL’S DECISION ....................................................................................... 136 A. Is Karkey’s “Investment” Tainted by Corruption? ..................................................... 136 (1) Applicable Standard of Proof and Burden of Proof ............................................ 136 (2) Requirements for a Finding of Corruption under Pakistani Law ........................ 138 (3) Analysis of the Evidence regarding Allegations of Corruption .......................... 140 B. The Effect of the Supreme Court’s Judgment ............................................................ 154 iii Case 1:18-cv-01461-RJL Document 1-1 Filed 06/20/18 Page 7 of 310 C. Attribution .................................................................................................................. 159 ( 1) Are the Acts of Lakhra attributable to Pakistan? ................................................ 159 (2) Are the Acts of PEPCO attributable to Pakistan? ............................................... 167 D. Jurisdiction ................................................................................................................. 168 (1) Was Karkey’s Alleged Investment Established By Way of Fraud or Misrepresentation in Breach of Article I(2) of the Treaty? ................................ 168 (2) Was Karkey’s Alleged Investment Established By Way of Misprocurement in Breach of Article I(2) of the Treaty?
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