Pakistan Wins A Major Victory in Reko Diq Case
The British Virgin Islands’ High Court of Justice (HCJ) has unfrozen PIA’s assets in a dispute brought by Tethyan Copper Company (TCC) seeking to attach Pakistani assets in order to execute the $6 billion Reko Diq verdict.
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Attorney General for Pakistan (AGP), Khalid Jawed Khan, commented on the issue and stated that all ex-parte orders obtained by the TCC before have been revoked as a result of the decision by the HCJ in the BVI in favour of Pakistan.
The AGP observed that the HCJ had ordered the removal of the Roosevelt and Scribe Hotels’ receiver and further stated that the HCJ had also mandated that TCC pay Pakistan’s legal fees.
The International Disputes Unit (IDU) and AGP’s efforts in obtaining a significant legal victory for Pakistan and the PIA have received praise from Prime Minister Imran Khan.
TCC had applied to the HCJ in November of last year to have the $6 billion fine imposed by the ICSID against Pakistan enforced.
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The largest gold and copper reserves in Pakistan are located at Reko Diq, a tiny village in Chagai, Balochistan. The mines may produce 200,000 tonnes of copper and 250,000 ounces of gold annually for the following 50 years once they are completely developed.
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