Pakistan Gets Biggest Judicial Victory at International Level
The national flag carrier had lost its two high-value assets including Roosevelt Hotel in New York and Scribe Hotel in Central Paris as it was penalized for breaching a mining contract with Tethyan Copper Company (TCC)
Pakistan has got the biggest judicial victory on the international level as the British Virgin Islands (BVI) High Court has unfrozen assets of Pakistan International Airlines (PIA) in the Reko Diq case.
The national flag carrier had lost its two high-value assets including Roosevelt Hotel in New York and Scribe Hotel in Central Paris as it was penalized for breaching a mining contract with Tethyan Copper Company (TCC).
In December 2020, BVI High Court had attached both assets of Pakistan International Airlines Investment Ltd (PIAIL) with penalty on request of TCC.
Read Also
Pakistan Railways Endured Enormous Loss of Rs 1 Trillion
TCC had originally filed the case in July 2019 pertaining to the enforcement of $5.97 billion award by the International Centre for Settlement of Investment Disputes (ICSID), a World Bank arbitration court, in the Reko Diq case.
Earlier in its December order, BVI high court had appointed an interim receiver.
However, the court revoked its order saying that it was not in its jurisdiction to decide the matter and also removed the interim receiver.
Background
The Supreme Court (SC) of Pakistan had canceled the Reko Diq deal in 2013 after TCC and Pakistan had an agreement in 2012.
However, the mining company had claimed that it had invested over $220 million until then.
Govt hails decision
Federal Minister for Information and Broadcasting Fawad Chaudhry termed the decision of the BVI high court as a great achievement.
He confirmed that both hotels in Paris and New York have been returned to Pakistan.
Senator Faisal Javed and PIA also hailed the decision and expressed jubilation on it through their respecitve Twitter handles.
Congratulations!! A big win for Pakistan.
British Virgin Island High Court recalled all orders passed against @Official_PIA. Pakistan’s assets Roosevelt hotel NY and Scribe hotel, Paris restored. Also the cost of litigation awarded. Welldone AGP pic.twitter.com/AV1B7yqYV4— Senator Faisal Javed Khan (@FaisalJavedKhan) May 25, 2021
Justice prevails! By the grace of Allah and with the prayers of all our countrymen, courts in BVI decide in favour of PIA, releasing all hard earned assets i.e., Roosevelt NYC & Scribe Paris. Great victory for PIA and Pakistan. We won this together! ✌ pic.twitter.com/WgVYweiwPt
— PIA (@Official_PIA) May 25, 2021
Reko Diq mine
The Reko Diq mine is located near Reko Diq town in Chagai District, Baluchistan, Pakistan.
It is one of the largest copper and gold mines in the world located in the southwest part of Pakistan in Balochistan province.
