Pakistan

British Virgin island Court verdict in Reko Diq case big victory for Pakistan

British Virgin island Court verdict in Reko Diq case big victory for Pakistan

Pakistan sees British Virgin island Court verdict in Reko Diq case as a big victory, according to Law Minister Farogh Naseem.

He termed the judgment in Reko Diq case a big victory of Pakistan’s stance.

British Virgin island Court verdict in Reko Diq case big victory for Pakistan

The minister expressed these views, while addressing a news conference in Islamabad on Wednesday.

He further said this will also provide relief to the country on the economic front.

Farogh Naseem said the court has accepted Pakistan’s sovereign immunity stance in the case.

The Law Minister recalled that the international arbitration tribunal of the World Bank’s Centre for Settlement of Investment Disputes back in July 2019 had announced a huge award of 5.976 billion dollars against Pakistan in the Reko Diq case.

At the same time, the country was facing many other disputes at the international level including that of Karkey and Broadcast sheet.

The Law Minister said legal teams were constituted to effectively and forcefully present Pakistan’s stance in those cases.  He said those timely steps have now started showing results.

Farogh Naseem expressed the commitment to continue to defend Pakistan’s stance in different cases at different international forums.

Meanwhile, a spokesperson of Law Ministry has termed British Virgin Islands (BVI) Court’s judgment in Reko Diq case, withdrawing all decisions against Pakistan International Airline (PIA), as a great legal victory of Pakistan.

In a statement, he said the judgment has saved Pakistan’s assets worth billions of rupees from being frozen or sold out.

After this court order, Pakistan got back PIA’s Roosevelt Hotel, New York and Scribe Hotel Paris.

The spokesperson of Law Ministry said Pakistan strongly pleaded its case before the court.

He cited Tethyan Copper Company (TCC) filed plea for the enforcement of Reko Diq award.

Moreover, he said according to the court order, the TCC will have to bear all the expenses of the case.

The spokesperson appreciated the efforts of Law Minister Farogh Naseem and Attorney General of Pakistan Khalid Javed Khan in the case.

GTV

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