- Subsequent listening to on January 18
- Plea filed by TCC for enforcement of ICSID resolution
LONDON: The Excessive Courtroom of Justice within the British Virgin Island (BVI) shall be listening to case pertaining to the enforcement of the $6 billion award within the Reko Diq matter on January 18.
In a quick courtroom continuing on Thursday, Justice Gerhard Wallbank of the BVI Excessive Courtroom of Justice fastened the subsequent listening to for January 18 whereby Pakistani counsel shall be given half a day to current arguments within the case first time because the courtroom froze Pakistan Worldwide Airways (PIA) property registered within the BVI jurisdiction.
The injunction on the PIA property will stay in place until January 19, a supply from Pakistan’s authorized group advised Geo.television. The receivership additionally stays in place until a call is made on the subsequent listening to.
Case background
In July 2019, the Worldwide Middle for Settlement of Funding Disputes (ICSID) slapped an enormous $5.976 billion award towards Pakistan for revoking Tethyan Copper Firm’s (TCC) mining contract at Reko Diq in Balochistan.
Former chief justice of Pakistan Iftikhar Muhammad Chaudhry’s verdict within the Reko Diq case had set off the sequence of occasions that led to the ICSID resolution after practically seven years of litigation.
In September 2020, Pakistan received a keep on the enforcement of the award and ICSID mentioned the keep shall proceed on a conditional foundation. The arbitrator directed Pakistan to supply an “unconditional and irrevocable” financial institution assure or the letter of credit score (LC) for 25% of the award, plus accrued curiosity as of the date of the choice.
Pakistan, nevertheless, missed the deadline and didn’t deposit a 25% financial institution assure.
In November 2020, the TCC approached the BVI Excessive Courtroom of Justice for enforcement of the award. On December 16, the excessive courtroom had, by means of an ex parte order, hooked up property belonging to the Pakistan Worldwide Airways Funding Restricted (PIAIL) together with Roosevelt Lodge in New York, Scribe Lodge in Paris, and froze 40% of PIA’s curiosity in Minhal Integrated.