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Reko Diq case: $6 billion penalty imposed on Pakistan

08:04 PM | 13 Jul, 2019
Reko Diq case: $6 billion penalty imposed on Pakistan
ISLAMABAD - In a massive blow, the International Center for Settlement of Investment Disputes (ICSID) announced a massive $5.976 billion award against Pakistan in the Reko Diq case,

The award - which comes out to be Rs944.21 billion in Pakistani currency - is one of the biggest in ICSID history and comes at a time when Pakistan is wading through an economic crisis.

The international tribunal issued a 700-page ruling against Pakistan on Friday in the Reko Diq case according to which $4.08 billion as penalty while $1.87 billion as interest has been imposed, Express Tribune reported.

However, Pakistan has decided to challenge the award and the revision application may take two to three years to decide.

The complainant in the case, Tethyan Copper Company’s (TCC) management, had claimed $11.43 billion in damages.

In 2012, TCC filed claims for international arbitration before the ICSID of the World Bank after the Balochistan government turned down a leasing request from the company.

The former chief justice of Pakistan, Iftikhar Muhammad Chaudhry’s verdict in the Reko Diq case was the first in a chain of events that led to the massive award.

The Supreme Court of Pakistan had terminated the deal in 2013, however, the tribunal declared that there was no wrongdoing in the agreement and eventually declared that Pakistan was liable to pay the damages.

The only pending issue in the case was the final penalty on Pakistan, which has now been announced.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan - PKR to US Dollar, Euro, Dirham, Riyal 18 June 2024

Pakistani rupee rates against US Dollar and other currencies on June 18, 2024 (Tuesday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.50 for buying and 280.65 for selling.

Euro's buying rate stands at 296 and selling rate is 299 while British Pound rate is 349.7 for buying, and 353.25 for selling.

UAE Dirham AED was at 74.80 and Saudi Riyal at 72.80.

Currency Symbol Buying Selling
US Dollar USD 277.50 280.65
Euro EUR 296.00 299.00
UK Pound Sterling GBP 349.70 353.25
U.A.E Dirham AED 74.80 75.60
Saudi Riyal SAR 72.80 73.55
Australian Dollar AUD 182.00 184.00
Bahrain Dinar BHD 741.18 749.18
Canadian Dollar CAD 204.00 206.00
China Yuan CNY 38.43 38.83
Danish Krone DKK 40.18 40.58
Hong Kong Dollar HKD 35.66 36.01
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.90 1.98
Kuwaiti Dinar KWD 909.34 909.34
Malaysian Ringgit MYR 59.30 59.90
New Zealand Dollar NZD 170.79 172.79
Norwegians Krone NOK 25.97 26.27
Omani Riyal OMR 723.88 731.88
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203.65 205.65
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 311.90 314.40
Thai Bhat THB 7.58 7.73

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