Reko Diq Case: BVI court directs to freeze Pakistan’s assets

10:38 AM | 25 Dec, 2020
Reko Diq Case: BVI court directs to freeze Pakistan’s assets
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ISLAMABAD – Another setback for Pakistan at international level as the British Virgin Islands (BVI) High Court issued an interim order to freeze Pakistan’s assets, local media reported on Thursday.

The Tethyan Copper Company (TCC) had sought attachment of these assets for enforcement of $6 billion awards that the International Center for Settlement of Investment Disputes (ICSID) fined Pakistan in July previous year for cancelling the contract for mining at Reko Diq in Balochistan.

Pakistan cannot sell the assets managed by offshore companies registered in this small overseas territory of the United Kingdom in wake of the court order.

The attorney general office in Islamabad responded on the development and said that the British Virgin Islands Court passed the judgment without considering Pakistan’s stance. The government will use all the available resources to defend Pakistan’s interest.

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Earlier, former chief justice of Pakistan Iftikhar Chaudhary’s judgment in the Rek Diq case was first, the judgement declared the mining contract to the TCC as illegal.

The Pakistan Tehreek e Insaf government has already spent around $10 million as legal expenditures on this case.

The Balochistan government requested NAB to initiate an inquiry. NAB also issued a list of 26 accused which include former caretaker governor, chief secretary, senior officials of mines and minerals department, Balochistan Development Authority and Revenue Department and representatives of Australian mining companies.

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