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 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.
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