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NAB gives go ahead on revised deals with IPPs Top Story April 6, 2021 ISLAMABAD: In a new development, the National Accountability Bureau (NAB) has written a letter to the Power Division saying that the government has the full authority to execute their altered agreements with 47 IPPs in a bid to provide relief to those officials who are hesitant to implement the new agreements because of fears of any action against them in future. The anti-graft body has written this in its letter to the Power Division after the government missed the deadline of March 29, 2021 in paying Rs85 billion to nin...

Who wants to see digitalisation of legal contracts? Well certainly the derivatives contingent of the financial services industry which is battling increasingly complex standard documentation..

To embed, copy and paste the code into your website or blog: On November 30, 2020, parties to legacy LIBOR contracts breathed a collective sigh of relief as LIBOR’s administrator Intercontinental Exchange, Inc. (“ICE”) announced that US Dollar LIBOR would continue to be published until December 31, 2021 for the one-week and two-month tenors and until June 30, 2023 for the remaining, more widely used tenors. [i] As explained in our prior Client Alerts on the transition away from LIBOR, these extensions will allow time for most legacy LIBOR contracts to mature prior to the cessation of LI...

In view of over Rs5tr ‘unjustified’ payments to IPPs claimed in the original investigation, the savings of Rs770bn appear small.

Top Story February 3, 2021 ISLAMABAD: In a major breakthrough, all the 47 independent power producers, who had signed MOUs in August 2020 paving way for discounted tariff of Rs836 billion in the next 10-12 years, have now initialed legally-binding Master Agreements. The process got completed when the last batch of six IPPs, seeking resolution of the issue of excess profit of Rs53 billion through local arbitration tribunal, also initialed the Master Agreements on Monday night, a senior official privy to the development told The News. "Now the ECC and Federal Cabinet will approve the new power...