Pakistan gets a major success in the Reko Diq case
ISLAMABAD: Pakistan gets a major victory in the Reko Diq case from the World Bank’s International Center for Settlement of Investment Disputes (ICSID).
According to the details, on Pakistan’s appeal against the USD 6 billion fine, ICSID issued a permanent restraining order to Australian and Chilean companies to stop paying the fine.
In July 2019, the ISCID Tribunal ruled in favor of the Australian company and ordered Pakistan to pay USD 6 billion to Tethyan Copper Company. The office of the attorney general for Pakistan in a statement described the development as a success for the country and its legal team.
According to the attorney general’s office, the restraining order on fines is a great achievement for Pakistan and the legal team. Legal action was initiated to declare the fine null and void. The office said that ICSID had stayed the interim order at Pakistan’s request.
The six billion dollar Fine
In April 2020, a hearing was held to make the restraining order permanent and on 16 September 2020, the tribunal finally ruled in favour of Pakistan, confirming the stay on the award’s enforcement.
The Attorney General’s Office says the final hearing in the Rekodak case will take place in May 2021.
Reko Diq town in Balochistan’s Chagai district is famed for its mineral wealth, including gold and copper. The incumbent government considers it a strategic national asset, though instead of yielding a bonanza the Reko Diq mining project may cost the country dearly.
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