The High Court of Justice (HCJ) in the British Virgin Islands (BVI) has unfrozen PIA’s assets in a case initiated by Tethyan Copper Company (TCC) for attachment of assets of Pakistan in the enforcement of the $6 billion Reko Diq award.
In December last year, Justice Gerhard Wallbank of HCJ had frozen Roosevelt Hotel in New York, Scribe Hotel in Central Paris, and 40% shares in Minhal Incorporated- all belonging to PIA Investment Ltd (PIAIL)- on the request of TCC.
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While commenting on the development, Attorney General for Pakistan (AGP), Khalid Jawed Khan, said that the HCJ in the BVI has ruled in favor of Pakistan and all ex-parte orders obtained by the TCC earlier have been set aside.
The AGP noted that HCJ has removed the receiver appointed for Roosevelt and Scribe Hotels, adding that the HCJ has also ordered TCC to pay the cost of litigation to Pakistan.
Prime Minister Imran Khan has also lauded the efforts of AGP and the International Disputes Unit (IDU) for securing a great legal victory for Pakistan as well as the PIA.
In July 2019, the International Centre for Settlement of Investment Disputes (ICSID) had imposed a $6 billion penalty on Pakistan following the Supreme Court’s decision in 2011 which revoked the mining lease of TCC, a consortium of Chilean and Canadian companies, for the Reko Diq project.
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In November last year, TCC had approached the HCJ for enforcement of the $6 billion penalty against Pakistan awarded by the ICSID.
Reko Diq, a small town in Chagai, Balochistan, has the biggest gold and copper deposits in Pakistan. Once fully developed, 250,000 ounces of gold and 200,000 tons of copper can be extracted from the mines each year for the next 50 years.
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