The World Bank’s International Centre for Settlement of Investment Disputes has granted a stay on enforcement of the nearly six billion dollars penalty issued against Pakistan in the Reko Diq dispute.
On Friday, Asim Saleem Bajwa while calling the World Bank decision a huge relief for Pakistan took to twitter and said that PM fully supports the government of Balochistan for developing the mining sector. He tweeted,
“Reko Diq: Stay order by World Bank tribunal on $ 6 Bn award vs Pakistan is great relief.Meanwhile PM directs to fully support GOB for accelerated dev of mineral sec in a transparent manner,structured system, best tech,involve local investors,develop own HR #PakistanMovingForward.”
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The World Bank’s International Centre for Settlement of Investment Disputes has granted a stay on the enforcement of a heavy penalty imposed on Pakistan in the Reko Diq mining dispute. The hearing to confirm the stay order took place via video link in the Attorney General’s office. On Thursday, the office of the Attorney General in Islamabad, in a statement described the development as a success for the country and its legal team.
In July 2019, an international arbitration committee of the ICSID had slapped a nearly six billion dollars penalty on Pakistan for denying a mining lease to Australian company Tethyan Copper Company (TCC). ICSID of World Bank has granted Pakistan a stay order of 6 months in the case in which it imposed a penalty of $5.976 billion in its 700-page ruling in July in 2019 against Pakistan.
Pakistan Appeal’s over the cancellation of the Reko Diq mining lease TCC is still under the consideration of ICSID. A 50-50 joint venture of Barrick Gold Corporation of Australia and Antofagasta PLC of Chile and a final hearing will take place in May 2021.
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