Pakistan Wins Reko Diq Case

[PakPrinciples]

This is a great day for the whole of Pakistan.

It's unfortunate that Nawaz Sharif isn't in a Pakistani prison but I guess with this news I can forgive Khan for allowing him to leave.

Wonderful job to everyone who was part of the legal team.

Pakistan should learn a valuable lesson from all this, DO NOT sell your land and resources to foreign nations develop them yourself.

 

[Imran Khan]

The news as presented is misleading as quite a few honorable members have correctly pointed out. The correct story is as under.

Quote:

Virgin Islands court unfreezes PIA assets in Reko Diq case

AGP office says judgement announced by BVI High Court is a ‘great legal victory for Pakistan’



Hasnaat Malik May 25, 2021

ISLAMABAD:
The High Court of Justice in the British Virgin Islands (BVI) has recalled its earlier orders regarding attachment of PIA offshore assets in the Reko Diq case against Pakistan.
BVI High Court Justice Gerhard Wallbank, while passing the order on December 10, 2020, had attached certain assets of PIA.
The court had attached the assets belonging to Pakistan International Airlines Investment Limited (PIAIL), including the company’s interests in two hotels — Roosevelt Hotel in Manhattan, New York, and Scribe Hotel in Central Paris.
In view of the injunction, PIA could not sale any of these hotels.
"A short while ago 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. 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," said a statement issued by the Attorney General for Pakistan (AGP) office on Tuesday.
Additional Attorney General for Pakistan and Head of International Disputes Unit Ahmed Irfan represented Pakistan before the BVI court. The Pakistan International Airline (PIA) engaged its own legal team in the case. Likewise, all offshore companies, two registered PIA hotels hired their separate counsels.
Prime Minister Imran Khan has appreciated the efforts of the international disputes unit and the office of the attorney general.

Also read: Pakistan wins stay over $6 billion penalty in Reko Diq case

Tethyan Copper Company (TCC) on November 20, last year had sought attachment of assets for 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 the TTC mining contract at Reko Diq in Balochistan.
Despite withdrawal of attachment orders by the BVI court, $6 billion award against Pakistan will still be intact.
The ICSID stayed the enforcement of the $6b award and on September 17 and issued a 70-page order which said the stay shall continue on a conditional basis.

The arbitrator ordered Pakistan to provide an “unconditional and irrevocable” bank guarantee or the letter of credit (LC) for 25 per cent of the award, plus accrued interest as of the date of the decision.
The guarantee or the LC was to come from a reputable international bank based outside of Pakistan, which was pledged in favour of the claimant — the TCC — and to be released on the order of the ICSID.
The ICSID also held that if Pakistan could not furnish the security and undertaking in terms as set out within 30 days after notification of the decision, the stay of enforcement in the amount of 50 per cent of the award, plus accrued interest as of the date of the decision would be lifted.
However, Pakistan missed the deadline and did not deposit 25 per cent bank guarantee.

Unquote.

https://tribune.com.pk/story/2301565/virgin-islands-court-unfreezes-pia-assets-in-reko-diq-case

we must quickly sale hotels ASAP

 

[Myth_buster_1]

Dont worry... PMLUN and PPPee will rape pakistan again with the help of its own people.

 

[SecularNationalist]

Yawn....
Just like pakistan steel Mills these bunch of failing bums are now bankrupting other state assets. The best solution they propose is to privatize them so they all get their shares and kick backs.

 

[RIP Pak LAW]

we must quickly sale hotels ASAP

First of all they were sealed because of lockdown and corona virus just like most of the hotels in New York. Though situation is much better in US now but its wise to wait a little more time until America develops complete herd immunity and hotel industry starts thriving again. Than it will be the right time to sell these assets for maximum profits.

 

[Windjammer]

sales the hotels before its too late .

we did not won the case if 6bn$ fine . the 5.8bn$ fine will remain.
we won the case that for 5.8bn$ copper company can not confiscate PIA assets .

title of thread is misleading . that 5.8bn$ is still on our head .



its half cooked news pakistan did not won real case of 6bn$ paksitan just won a case in virgin island for not taking PIA assets .

in fact company can not get 6bn$ by taking PIA assets .

The court has decided that TCC has to pay all the costs.'''''' Pakistan has been given the right to appeal against the law suit.

 

[Imran Khan]

The court has decided that TCC has to pay all the costs.'''''' Pakistan has been given the right to appeal against the law suit.

yes in virgin island PIA asests confiscated case not the international tribunal case of 5.8bn$ fine that is final already .

 

[Path-Finder]

A Valid Question WHY did Pakistan keep losing the case on Reko Diq??? This has to be question!!???

 

[White Lion]

we must quickly sale hotels ASAP

6bil pakistan ko pay karo...jhuta case bana ne per pakistan defamation ka case ker sak ta ha.

 

[Vapour]

North Korea is also a nuclear power. Nukes mean f**k all if your country is poor and filled with trouble. One shouldn't be deluded.

Also, due to the actions of previous admins and regimes the credibility of them for Pakistan against any other major threat beyond India is rendered compromised.

 

[Imran Khan]

6bil pakistan ko pay karo...jhuta case bana ne per pakistan defamation ka case ker sak ta ha.

bhai ap bhi badshah hain

copper company won the case of 6bn$ already with final verdict

copper company tried to take over pia hotels as they won the case .pia is registered in virgin islands . vergin islands freeze the hotels and asked pia to reply why they should not freeze Pakistani gov asest as pia . PIA submit papers that they are not 100% pakistnai gov property . court left freezing .

now copper company will find other ways to take 6bn$ from pakistan company have many options .

where is victory here ???????????

they will try to find other ways like pakistani gov accounts on foregn countries and asests .

 

[Dalit]

This has to do with Pakistan providing passage to the Americans in Afghanistan withdrawal. The recent moot between Pak and US officials is also an indication where things stand. Expect more sudden goodwill. The Americans need Pakistani cooperation.

 

[Vapour]

OP and thread title should be corrected to reflect reality, whilst this win is good, the penalty still remains intact...

 

[Imran Khan]

OP and thread title should be corrected to reflect reality, whilst this win is good, the penalty still remains intact...

pakistan already won this case 15 times on internet and you tube but 6bn$ is remain plenty

copper company have many options they can file cases around the globe to confiscate Pakistani gov assets . they can make mess with even our VVIP flights . imagine imran khan go to uk on PAF gulfstream and come back on qatar airways .

imagine a paf il-78 go to USA for picking parts and never come back .

imagine they won a case and takeoven our embassy in any country .

 

[DocEinstein]

Pakistan wins $6 Billion law suit in the Reko Diq case.

Pakistan gets back custody of both Roosevelt Hotel in New York and Scribe Hotel in Paris.

Ahhh windy
After reading the whole thread my initial happiness from your post melted away !
I thought Pakistan won the case overall.
Please refrain from posting misleading news.

On a different note. Now that we lost the case and have to pay the fine also, can we REFRAIN from hiring another leach Western company to mine and take take 60-70% of the proceeds from the mine?
Why can't we mine Reko Diq ourselves?
The world is changing. China has become an economic giant and may be preparing to challenge the $ hegemony soon.
Major world currencies may see a toppling down the road.
No one will allow cryptocurrencies to become dominant. They will be brought down one way or another.
Precious metals have held value since the beginning of time and will remain so till the end of times.
I may not be right but from what I have read, we may have 1-1.5 trillion $ worth of precious metal lying around in that mine by the time it is extracted.
Even if we don't have the capability and technology to extract properly at present, what the fck is preventing us from learning and gaining the technology even if we take another decade to do so. At least we get to keep the total proceeds from digging the mine ourselves.