ISLAMABAD – The World Bank’s International Centre for Settlement of Investment Disputes (ICSID) has granted a stay on enforcement of the massive penalty of $6 billion issued against Pakistan in the Reko Diq case.
In a statement Thursday, the Attorney General for Pakistan (AGP) office termed the positive development a “success” for Pakistan and its legal team.
Last year in July, an ICSID Tribunal granted an award of nearly $6 billion against Pakistan for denying a mining lease to an Australian company, Tethyan Copper Company (TCC). Immediately thereafter, TCC commenced proceedings for enforcement of the award.
In November 2019, Pakistan challenged the penalty and initiated proceedings seeking its annulment.
