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

[RIP Pak LAW]

4 hrs ho gaye ...any update

 

[valkyr_96]

The CJoP did nothing wrong. The contract was not awarded by an elected government rather done dubiously through a caretaker government. There was nothing in this for Pakistan. The ore would have been mined and shipped outside without purification. This should be a lesson for Pakistan to mend its dubious investment laws that allows such companies to take advantage. The issue here is the bilateral treaty between Pakistan and Australia to exploit Pakistan's mineral resources. TCC was a shell company setup in Australia to exploit this treaty. For the record, the terms were far less than Reko Diq a Chinese investment that the western media keeps bitching about as exploitive. All such processes must include the Supreme Court verdict (a special branch can be constituted) in order to ensure that all such contracts were awarded through transparent means and are fair to both parties.

 

[niaz]

who ever was involved in it needs to be shot dead.

Agreed. The great 'hero' / villain ex- CJ Ch Iftikhar was directly responsible.

In his vindictiveness against Musharraf, he has caused great harm to Pakistan & her economy. He declared the sale of PSM null & void, consequently instead of GOP getting $500M in cash, Pakistani taxpayer has been subsidizing the Steel Mill by the same equivalent amount in Rupees each year for the last ten years.

His second judgment was to cancel a signed contract of the Recodiq where millions of dollars had already been spent by the contract holder. Not only GOP lost any possible income for the Recodik deposits, but GOP would also have to pay this fine. The problem is that people in Pakistan get power drunk and misuse it to no end. Others also because they are against someone, applaud this misuse even when totally unjustified. Lawyers are often the worst, those who use to chant " Chief terey Jan-nisaar, beshumaar, be shumaar are equally guilty. Arbitrary ''Breach of a signed contract even if it is a bad contract)may be okay in Pakistan but not anywhere else.

He even let the Lal Masjid mulla go scot free even though people saw bullets being fired from the mosque and mulla himself trying to flee wearing 'burqa'.

How many lawyers would be ready to give their life for Ch Iftikhar now?

 

[Lincoln]

4 hrs ho gaye ...any update

Case is reality. But "decision" could be fake news atm. However, if it is not in favor, Pakistan wont have to immediately pay up the sum like this article title implies. It will likely be in sums over a period of time... Maybe 5 years, maybe 10... (i think) but still it is a lot and significant to our economy atm.

 

[Khafee]

Agreed. The great 'hero' / villain ex- CJ Ch Iftikhar was directly responsible.

In his vindictiveness against Musharraf, he has caused great harm to Pakistan & her economy. He declared the sale of PSM null & void, consequently instead of GOP getting $500M in cash, Pakistani taxpayer has been subsidizing the Steel Mill by the same equivalent amount in Rupees each year for the last ten years.

His second judgment was to cancel a signed contract of the Recodiq where millions of dollars had already been spent by the contract holder. Not only GOP lost any possible income for the Recodik deposits, but GOP would also have to pay this fine. The problem is that people in Pakistan get power drunk and misuse it to no end. Others also because they are against someone, applaud this misuse even when totally unjustified. Lawyers are often the worst, those who use to chant " Chief terey Jan-nisaar, beshummar, be shumaar are equally guilty. Arbitrary ''Breach of a signed contract even if it is a bad contract)may be okay in Pakistan but anywhere else.

How many lawyers would be ready to give their life for Ch Iftikhar now?

Sir jee, you like it or not, ground realty is that three laws from KSA need to be imported ASAP:

1) Cut the hand, of the thief, and the opposite leg if he does it a 2nd time, and so on...

2) Whipping in public.

3) Death sentence in public.

 

[valkyr_96]

Agreed. The great 'hero' / villain ex- CJ Ch Iftikhar was directly responsible.

In his vindictiveness against Musharraf, he has caused great harm to Pakistan & her economy. He declared the sale of PSM null & void, consequently instead of GOP getting $500M in cash, Pakistani taxpayer has been subsidizing the Steel Mill by the same equivalent amount in Rupees each year for the last ten years.

His second judgment was to cancel a signed contract of the Recodiq where millions of dollars had already been spent by the contract holder. Not only GOP lost any possible income for the Recodik deposits, but GOP would also have to pay this fine. The problem is that people in Pakistan get power drunk and misuse it to no end. Others also because they are against someone, applaud this misuse even when totally unjustified. Lawyers are often the worst, those who use to chant " Chief terey Jan-nisaar, beshummar, be shumaar are equally guilty. Arbitrary ''Breach of a signed contract even if it is a bad contract)may be okay in Pakistan but anywhere else.

How many lawyers would be ready to give their life for Ch Iftikhar now?

You are factually incorrect and are as vindictive as you are claiming the ex CJoP to be. As far as it has been mentioned no investment had been made to develop the mine. Only exploration and "preparation of a bankable Feasibility Study". That is 6.67% of the what they claim they would have invested over the years. The royalties were far lower than the next comparable mine located at Chagai (I have erroneously referred this as Reko Diq in my previous post). Moreover, the ore would have simply been shipped off. The contract was not awarded by Musharraf but by the caretaker government that took over when he stepped down.

 

[AZ1]

Sir jee, you like it or not, ground realty is that three laws from KSA need to be imported ASAP:

1) Cut the hand, of the thief, and the opposite leg if he does it a 2nd time, and so on...

2) Whipping in public.

3) Death sentence in public.

You can't place Islamic Sharia Law in the country IMF Condition for loan.

 

[Path-Finder]

Add a zero, then multiply by 3.

dont lie, I was about to faint!

 

[R Wing]

Pakistan is a land where traitors go unpunished, this is bound to happen.
People like Zardari, Nawaz, Ifthikar Chaudary, General Kiyani should be
hanged and fed to the dogs!

And Mushy.

All failed to do what was necessary in spectacular fashion. The tolerance for treachery/treason in this country is truly astounding.

 

[Armchair]

Sir jee, you like it or not, ground realty is that three laws from KSA need to be imported ASAP:

1) Cut the hand, of the thief, and the opposite leg if he does it a 2nd time, and so on...

2) Whipping in public.

3) Death sentence in public.

If only we would do that, it would curtail this rampant corruption.

 

[Syed1.]

Sir jee, you like it or not, ground realty is that three laws from KSA need to be imported ASAP:

1) Cut the hand, of the thief, and the opposite leg if he does it a 2nd time, and so on...

2) Whipping in public.

3) Death sentence in public.

Bhai while I agree with your sentiments but reality is Pakistan is not oil producing country with big defense budgets to feed western economies like Saudi. Therefore, we cannot get away with half the shit that the Saudis get away with.


EU imposed trade restrictions on Pakistan for the longest time because we refused to remove the death punishment.

 

[xyxmt]

Even if Pakistan is obliged to pay $4 Billions it is a fine and everyone knows how fines are paid in the legal system.

 

[American Pakistani]

Should negotiate a deal with them. And let them come back in return for settling the case outside the court and not seeking any money.

 

[RIP Pak LAW]

$6 billions fine imposed as per geo TV.

 

[Inqhilab]

The Luksic score important victory in the ICSID that forces Pakistan to pay a gigantic compensation

The International Center for Settlement of Investment Disputes (ICSID), the World Bank body for the arbitration of disputes between investors and states, handed down its final judgment in the arbitration suit filed against the Islamic State of Pakistan by Tethyan Copper Company (TCC) ), a company belonging in equal parts to Antofagasta plc, of the Luksic group, and the Canadian Barrick Gold Corp.

According to this decision, to conclude this dispute Pakistan must pay a total of US $ 5.840 million including interest to TCC in damages, for illegally denying the request of a mining license for the copper project in 2011 and Reko Diq gold, located in that country.

The company requested compensation for breach of contracts and their rights by the authorities, arguing that violated clauses of the bilateral investment treaty that exists between Pakistan and Australia, where TCC is constituted.

In 2017, ICSID had already rejected the latest arguments put forward by the State of Pakistan. Also, the arbitration body had confirmed that the Asian country violated several clauses of the bilateral investment treaty between Pakistan and Australia.

Compensations

The damages include a compensation of US $ 4,087 million in relation to the fair market value of the project, as well as interest for US $ 1,753 million. The court also awarded TCC almost US $ 62 million in compensation for the costs incurred in the process.

"We are very pleased to have achieved this milestone after an arbitration process that lasted seven years," said the chief executive of Antofagasta plc, Iván Arriagada.

Antofagasta affirmed that "the decision of the ICSID is mandatory for both parties and, according to the agreement of the ICSID, the arguments to be able to object it are very limited".

He also specified that arbitrage revenues will only be accounted for in the financial statements once they have been received.


https://www.latercera.com/pulso/not...-a-pagar-una-gigantesca-indemnizacion/739230/
https://www.df.cl/noticias/empresas...ksic-y-barrick-ciadi-falla-que-pakistan/2019-
https://www.eldinamo.cl/actualidad/...-800-millones-a-sociedad-de-luksic-y-barrick/