British Virgin Island High Court reverses its decision in the Reko Diq case

British Virgin Island High Court reverses its decision in the Reko Diq case!

The High Court of Justice in the British Virgin Islands (BVI) in its verdict issued on Tuesday said that Pakistan International Airlines (PIA) would retain its two assets including Roosevelt Hotel in New York and Scribe Hotel in Central Paris, retracting its earlier order to attach these properties with the enforcement of Reko Diq penalty on the request of the Tethyan Copper Company.

Attorney General for Pakistan Khalid Jawed Khan shared a statement, regarding it as a “great level victory for Pakistan”.

A statement issued by the Attorney General for Pakistan’s (AGP) office about the development said, “A short while ago, [the] 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,” it added.

“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,” it added.

In his statement, Fawad Chaudhry termed the decision of the British Virgin Islands High Court in favor of Pakistan as a great achievement.

Furthermore, Prime Minister Imran Khan has also appreciated the efforts of the international disputes unit and the office of the AGP.

On November 20, 2020, the TCC had sought attachment of assets for the 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 a mining contract in Reko Diq, Balochistan.