Islamabad: The High Court of Justice in the British Virgin Islands (BVI) on Tuesday ruled in Pakistan’s favour and retracted its earlier order to attach the Pakistan International Airlines Investment Ltd (PIAIL)’s international assets – Roosevelt Hotel in Manhattan, New York and Scribe Hotel in central Paris – with the enforcement of Reko Diq penalty in the case moved by the Tethyan Copper Company (TCC), according to news sources.
Previously, on December 16, 2020, the BVI High Court had attached the PIAIL’s assets including company’s shares in Roosevelt Hotel and Scribe Hotel, while also freezing 40% interest of PIA in a third entity. Additionally, the court appointed a receiver on an interim basis.
The TCC moved the BVI High Court for the enforcement of USD 5.97 billion award against Pakistan that was levied by the International Centre for Settlement of Investment Disputes (ICSID) on July 12, 2019, in Reko Diq lawsuit for revoking a mining contract.
The Attorney General for Pakistan’s (AGP) office confirmed the verdict and announced that the court has also awarded the cost of litigation, while ‘ex-parte orders obtained by the TCC earlier had been set aside’. Moreover, the International Disputes Unit (IDU) in AGP’s office housed inside the premises of Supreme Court revealed that the court has claimed that it had no jurisdiction to judge the case and has removed the receiver appointed with immediate effect. Prime Minister Imran Khan lauded the IDU’s efforts for protecting Pakistan’s interest.
However, it is important to mention here that the USD 5.97 billion penalty against Pakistan is still intact. For more updates and developments in the Reko Diq case, please stay tuned
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
