The team comprising officers from the military has been awarded Sitare-e-Imtiaz— the highest civilian award in the country for the efforts that made Pakistan proud globally and saved the nation from a penalty of $1.2 billion.
On Friday, the cabinet secretariat announced the names of 184 Pakistani and foreign nationals who will be conferred civil awards for showing excellence and courage in their respective fields.
Among the award holders, the investigative team of the military that saved Pakistan from $1.2bn penalty was also honoured with the Sitare-e-Imtiaz.
According to details, Brig Rana Arfan Shakeel Ramay, Lt Col Farooq Shahbaz and Ahmed Irfan Aslam worked tirelessly in gathering information from Swiss, Lebanese, and Dubai banks agaisnt the corruption of Turkish power rental company Karkey.
The officials of the team also assembled documents from Panama and British Virgin Island which proved useful in winning the case against the firm.
Karkey was forced to pull out of six cases it has filed against Pakistan, as a result of the military team full- fledged investigations and saved the nation from heavy penalties and international embarrassment.
The team, headed by Brig Ramay, would be conferred Sitara-i-Imtiaz for Public Service on March 23, 2021.
The ICSID — an arm of the World Bank that offers arbitration and conciliation services for disputes between governments and private foreign investors — had slapped a penalty worth $760 million plus interest to Karkey Karadeniz Elektrik Uretim, following the its move to register arbitration claims against Pakistan under a bilateral investment treaty (BIT).
In September 2017, the ICSID had decided in favour of Karkey Karadeniz Elektrik Uretim and imposed a fine. The Turkish firm had registered a claim with the ICSID against Pakistan in 2013 over the violation of a contract worth as much as $564.6 million for a five-year period to build rental power plants in Karachi.