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Pakistan Wins Reko Diq Case

Windjammer

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Nov 9, 2009
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Checkout the Two Hotels that belong to PIA and were sealed but now Pakistan has gained back their custody.

1015 Rooms Roosevelt Hotel, New York.


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Scribe Hotel, Paris

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Imran Khan

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What's BIT?
What's BIT?
in simple pakistani gov is responsible for investment in pakistan . anything happen to inverter pak gov will pay ,
 

FuturePAF

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Agree, but the first thing they are going to do is offer it to China

Your probably right. I would hope they could find investors from amongst Local and Overseas Pakistanis that also have expertise in the field to at least be part of a consortium to carry out this project.

This should be the opportunity that we get strict with managing this project, making sure, no matter who is involved, we know every aspect of the operation including how much is mined.

If we can succeed with this mine it will be a huge boost to our domestic (and hopefully international) capabilities to develop other deposits.
 

SD 10

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in simple pakistani gov is responsible for investment in pakistan . anything happen to inverter pak gov will pay ,
yeah diff types of guarantees are given
 

Kambojaric

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pakistan was first country in world signed BIT and still pakistan have dozens of BITs . unless we revoke all BITs we can not escape from courts . its been many years from this mess but gov is still sleeping on BITs issue . this case was filed because pakistan signed BIT with australia in 1993 .it was signed by then minister aijaz ul haq . our ministers go any country sign a BIT and come back without even thinking how dangrous it could be for pakistan in future .

It makes for good press. Ministers come back and brag about how their investment treaty will bring prosperity to Pakistan. Short term gain for their own political careers at the expense of the nation's long term well being.
 

Syed1.

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I wonder why we never used to win a single case under previous rulers but if I'm not mistaken this is the second or third case won since IK took over.



Btw we are in this mess because the second abu of patwaris Chaudary Iftikhar exceeded beyond his constitutional limits and cancelled international agreements.
 

niaz

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The news as presented is misleading as quite a few honorable members have correctly pointed out. The correct story is as under- kindly read the second part which explains why the assets were attached.

Despite the fact that the Reko Diq award hurt Pakistan badly; the international trade and investment in foreign countries is based on the principle that international commitment would be honored. Why would anyone invest in Pakistan or any country for that matter if the contract could be nullified with the stroke of a pen of a megalomanic judge of the Supreme Court and the investor ends up losing all the money thus far invested?

Any investment carries some risk, one must realize that no company or country will invest in a foreign land without the prospects of huge profits. BIT or no BIT; if a contract is really bad, one can try to renegotiate to improve the terms, but at the end of the day, the commitment is a commitment even if you think it is bad for you.

Quote:

Virgin Islands court unfreezes PIA assets in Reko Diq case

AGP office says judgement announced by BVI High Court is a ‘great legal victory for Pakistan’



Hasnaat Malik May 25, 2021


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ISLAMABAD:
The High Court of Justice in the British Virgin Islands (BVI) has recalled its earlier orders regarding attachment of PIA offshore assets in the Reko Diq case against Pakistan.
BVI High Court Justice Gerhard Wallbank, while passing the order on December 10, 2020, had attached certain assets of PIA.
The court had attached the assets belonging to Pakistan International Airlines Investment Limited (PIAIL), including the company’s interests in two hotels — Roosevelt Hotel in Manhattan, New York, and Scribe Hotel in Central Paris.
In view of the injunction, PIA could not sale any of these hotels.
"A short while ago judgment was announced by British Virgin Island High Court. Great legal victory for PIA and Pakistan. The order was passed earlier on the request of TCC which was seeking enforcement of Reko Diq award. All orders passed against PIA earlier are now recalled by the Court. Receiver removed from Roosevelt hotel, NY and Scribe hotel, Paris. Cost of litigation also awarded," said a statement issued by the Attorney General for Pakistan (AGP) office on Tuesday.
Additional Attorney General for Pakistan and Head of International Disputes Unit Ahmed Irfan represented Pakistan before the BVI court. The Pakistan International Airline (PIA) engaged its own legal team in the case. Likewise, all offshore companies, two registered PIA hotels hired their separate counsels.
Prime Minister Imran Khan has appreciated the efforts of the international disputes unit and the office of the attorney general.

Also read: Pakistan wins stay over $6 billion penalty in Reko Diq case

Tethyan Copper Company (TCC) on November 20, last year had sought attachment of assets for enforcement of the $6 billion award that the International Centre for Settlement of Investment Disputes (ICSID) slapped on Pakistan on July 12, 2019, for revoking the TTC mining contract at Reko Diq in Balochistan.
Despite withdrawal of attachment orders by the BVI court, $6 billion award against Pakistan will still be intact.
The ICSID stayed the enforcement of the $6b award and on September 17 and issued a 70-page order which said the stay shall continue on a conditional basis.

The arbitrator ordered Pakistan to provide an “unconditional and irrevocable” bank guarantee or the letter of credit (LC) for 25 per cent of the award, plus accrued interest as of the date of the decision.
The guarantee or the LC was to come from a reputable international bank based outside of Pakistan, which was pledged in favour of the claimant — the TCC — and to be released on the order of the ICSID.
The ICSID also held that if Pakistan could not furnish the security and undertaking in terms as set out within 30 days after notification of the decision, the stay of enforcement in the amount of 50 per cent of the award, plus accrued interest as of the date of the decision would be lifted.
However, Pakistan missed the deadline and did not deposit 25 per cent bank guarantee.

Unquote.

https://tribune.com.pk/story/2301565/virgin-islands-court-unfreezes-pia-assets-in-reko-diq-case
 
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