Reko Diq: mining company moves another court to enforce award against Pakistan

0

Get real time updates directly on you device, subscribe now.

Reko Diq: mining company moves another court to enforce award against Pakistan

News Desk:

The Tethyan Copper Company (TCC) has moved the High Court of British Virgin Islands to enforce an award against Pakistan by the International Center of Settlement of Investment Disputes (ICSID) in the Reko Diq case.

The office of the Attorney General for Pakistan, however, has assured that Pakistan is vigorously contesting these proceedings using all available legal resources. The government is also engaged to settle the matter amicably.

On November 20, the company had moved the high court for the enforcement of the award which includes attachment of the assets belonging to the Pakistan International Airlines Investment Ltd (PIAIL) — a company that is also incorporated in the British Virgin Islands.

On December 16, the high court had granted a stay order ex-parte without hearing Pakistan, but the government said it will contest the case when it is taken up again on January 7, 2021.

“Without prejudice to such engagements, Pakistan has reiterated that the government will vigorously pursue proceedings initiated by the company in any jurisdiction and the government reaffirms its commitment to protecting national assets wherever they may be located,” a statement by the attorney general’s office said.

The TCC is a 50-50 joint venture of Barrick Gold Corporation of Australia and Antofagasta PLC of Chile whereas the Reko Diq district in southwest Balochistan is famed for its mineral wealth, including gold and copper.

On the other hand, the National Accountability Bureau (NAB) has also launched an investigation into the Reko Diq case. 26 high-level government officials and officers of the company had caused huge financial losses to the country with regard to the signing the agreement. NAB sources said the company bribed the officers to get their desired agreement signed.

Reko Diq: mining company moves another court to enforce award against Pakistan

Get real time updates directly on you device, subscribe now.

You might also like