Pakistan must pay a total of US $ 5.840 Billion including interest to TCC in damage : ICSID

[Śakra]

https://eurasiantimes.com/impoverished-pakistan-slapped-with-whopping-5-9-billion-penalty-by-icsid/


Impoverished Pakistan Slapped With Whopping $5.9 Billion Penalty By ICSID

The International Centre for Settlement of Investment Disputes (ICSID) is an international arbitration institution to settle legal dispute resolution and conciliation between international investors. The ICSID is part of and funded by the World Bank Group and is an autonomous, institution.

Sources privy to the development claim that Pakistan has decided to challenge the decision before an international court by filing a revision application, sources said. Tethyan Copper Company’s (TCC) management had claimed $11.43 billion in damages.

The company filed claims for international arbitration before the ICSID in 2012 after the Balochistan government turned down a leasing request from the company.

The lawsuit between the government of Pakistan and the international company lasted for as many as seven years. The Supreme Court of Pakistan under its chief justice of Pakistan Iftikhar Chaudhry terminated the deal in 2013. The tribunal, earlier, held the view that Pakistan is mandated to pay damages for breach of contract.

 

[airmarshal]

This is the type of contracts done by previous governments. The clauses are binding with heavy penalty on state of Pakistan if violated.

The other gem is a ship based pwer generation contract. That was given to Turkish company with heavy penalties if the contract was dismissed.

In these heavy penalties, I see a cut for the crooks. These contracts were negotiated in a way that the state could not keep them. If the contract is violated or cancelled, the state pays a heavy penalty and part of that goes to the crooks who signed those agreements.

 

[Nothing]

This is the type of contracts done by previous governments. The clauses are binding with heavy penalty on state of Pakistan if violated.

The other gem is a ship based pwer generation contract. That was given to Turkish company with heavy penalties if the contract was dismissed.

In these heavy penalties, I see a cut for the crooks. These contracts were negotiated in a way that the state could not keep them. If the contract is violated or cancelled, the state pays a heavy penalty and part of that goes to the crooks who signed those agreements.

That is why all commercial contracts should be open to pilublic and vetted by independent agency. There should be open bidding for it. During turkish poelwer plat half of forum ppl were jumping and shouting that Turkey came to help brother. Now most of CPEC private contracts are heading same way in next 3-5 years.

 

[koolio]

This is absolute disaster for Pakistan, despite the faults of PTI, I would never ever wish to see haraam khor status quo parties ruling Pakistan ever again, this is a very bitter lesson for Pakistani's, dont keep voting for black status quo sheeps, these kind of incidents will keep happening all the time, GOP should immediately start a high level investigation into this terrible episode, then make all the guilty pay heavily.

 

[srshkmr]

That's a hefty fine. what options does GOP have?

 

[ejaz007]

Nothing which he did he said in his video that when come in power till one year we dont know what to do. He totally neglected this case he could have prepare well aa sitting govt or could approach to the grieve party. I am obsessed with NRO's party.

This statement is attributed to IK and not NZ that he did not knew what to do till one year.

Why would a party enter into negotiations when they are 100% sure they will win the case. Even now if a backdoor negotiation or settlement is done rest assure there will be some benefits for the winning party.

 

[AZ1]

This statement is attributed to IK and not NZ that he did not knew what to do till one year.

Why would a party enter into negotiations when they are 100% sure they will win the case. Even now if a backdoor negotiation or settlement is done rest assure there will be some benefits for the winning party.

You keep protecting ur nawaz while he had five years only idiot will compare nawaz 5 years to imran khan and one year is not done yet.

Why didnt nawaz took this case to court? Where is the bidding of the license? Why they place clauses like this in the contract that state has to pay such huge amount. These company only invest like $220 million and look where we are.

Now govt can appeal and say we wouldnt pay court has made the decision and govt is not responsible they have to agree what court decision is and follow it and court are free.

 

[ssethii]

if anything IK should take an emergency step for right now is the education system that breeds these corrupt bureaucrats running this country.

 

[ejaz007]

You keep protecting ur nawaz while he had five years only idiot will compare nawaz 5 years to imran khan and one year is not done yet.

Why didnt nawaz took this case to court? Where is the bidding of the license? Why they place clauses like this in the contract that state has to pay such huge amount. These company only invest like $220 million and look where we are.

Now govt can appeal and say we wouldnt pay court has made the decision and govt is not responsible they have to agree what court decision is and follow it and court are free.

How can I protect Nawaz Sharif? You do not have argument or logic in this case. Nothing any sitting government could do.

To the best of my knowledge review petition was rejected by SC in 2013.

Read page 171 of the decision. Tribunal has clearly stated Supreme Court of Pakistan was quite oblivious to the International Laws and Conventions regarding Contracts and Agreements and lacked professional skills.

Somehow you need to pin this to Nawaz Sharif.

 

[AZ1]

How can I protect Nawaz Sharif? You do not have argument or logic in this case. Nothing any sitting government could do.

To the best of my knowledge review petition was rejected by SC in 2013.

Read page 171 of the decision. Tribunal has clearly stated Supreme Court of Pakistan was quite oblivious to the International Laws and Conventions regarding Contracts and Agreements and lacked professional skills.

Somehow you need to pin this to Nawaz Sharif.

who came out on street for ifitkhar chaudry?? Zardari, ifitkhar, nawaz all are same. Yet i am talking there is news in uk that sharif corrupted money that was sent for floods in Pakistan.


Musharsf favor Pakistan by locking iftikhar amd then nawaz started tehreek to freed him one corrupt to another corrupt for his personal gain.

Who will suffer in the end if govt request reject awam and more tax and then awam blame on PTI and wi againt vote for nawaz . Any comission made in pmln era to check who is responsible for this? No one now PTI started this too. How many wrong doing of previous govt this govt has to correct and public yet blame this govt. Stupid khotamkhoor awam.


https://www.samaa.tv/news/governmen...gate-whos-responsible-for-reko-diq-situation/

 

[Type59]

Tcc is willing to deal with Pakistan. They are happy to get project back.

Problem is in Pakistan, some people want 100 percent of the profits despite investing nothing.

 

[ejaz007]

who came out on street for ifitkhar chaudry?? Zardari, ifitkhar, nawaz all are same. Yet i am talking there is news in uk that sharif corrupted money that was sent for floods in Pakistan.


Musharsf favor Pakistan by locking iftikhar amd then nawaz started tehreek to freed him one corrupt to another corrupt for his personal gain.

Who will suffer in the end if govt request reject awam and more tax and then awam blame on PTI and wi againt vote for nawaz . Any comission made in pmln era to check who is responsible for this? No one now PTI started this too. How many wrong doing of previous govt this govt has to correct and public yet blame this govt. Stupid khotamkhoor awam.


https://www.samaa.tv/news/governmen...gate-whos-responsible-for-reko-diq-situation/

When there is no argument left change the topic. We were discussing one particular case and you have changed the topic. Brought in corruption. Kindly carefully look around IK and you would find a lot more corrupt people then in PML (N).

 

[kmc_chacko]

$38 billion collectively from other lenders. Not solely IMF.

Isn't those lenders/lendings are depends on outcome of discussions on IMF bailout package/programmes ?

That's a hefty fine. what options does GOP have?

One of the forum member already explained it, barrow more loans

 

[BATMAN]

Tcc is willing to deal with Pakistan. They are happy to get project back.

Problem is in Pakistan, some people want 100 percent of the profits despite investing nothing.

We need to know, how much money we lost in the process.
We also need to punish the responsible.

 

[AZ1]

When there is no argument left change the topic. We were discussing one particular case and you have changed the topic. Brought in corruption. Kindly carefully look around IK and you would find a lot more corrupt people then in PML (N).

This case is base on corruption. No bidding for license among the companies and did thr contract were public ? No they kept hidden just like there are 4-5 more cases like that running in international court and we all know the fate of those contract and just look at yourself in the end blame PTI why dont you file a petition in court if pti is corrupt hand those who are corrupt who cares but for that you first have to proof it in court just by saying this corrupt that corrupt wouldnt save you.

Hang zardari, ifitkhar and nawaz as they just wasted looted.pakistani awam money. Zardari for cotract, iftikhar for ending it and nawaz for his.negligence.