Turkish power ships retained in Karachi
Emek Kaplangil HürriyetTwo Turkish power-generating ships, whose contracts were cancelled earlier this month, have been kept in Pakistan over claims from a oppositional member of the Pakistani Parliament.
The ships generated electricity for Pakistan over the past two years, but were set to return to Turkey after the Pakistani High Federal Court canceled all energy rental agreements in the country on the grounds that the energy deals were undertaken in an irregular manner. Authorities decided the ships had to leave after repaying the unused amount of the $17.2 million deposit issued by the Pakistani government.
However, a Pakistani member of the country’s parliament lodged an objection with the court, claiming that Turkish ship-owners Karkey – a subsidiary of Karadeniz Holding – should pay $229 including interests for the ships release. The court blocked the ships from leaving the country, and “Kaya Bey” and “Ali Can Bey,” with a value of $400 million, are being held in the territorial waters of Karachi, one of the main cities of Pakistan.
Company officials reacted harshly to the decision and could apply to the international arbitration if a favorable judgment is not rendered. The related ministries are following up on the matter seriously.