ANL 31.55 Increased By ▲ 0.05 (0.16%)
ASC 20.80 Increased By ▲ 1.00 (5.05%)
ASL 24.00 Increased By ▲ 0.04 (0.17%)
BOP 8.17 Decreased By ▼ -0.10 (-1.21%)
BYCO 10.24 Decreased By ▼ -0.18 (-1.73%)
FCCL 22.60 Decreased By ▼ -0.13 (-0.57%)
FFBL 27.20 Increased By ▲ 0.10 (0.37%)
FFL 21.20 Increased By ▲ 0.80 (3.92%)
FNEL 9.18 Increased By ▲ 0.40 (4.56%)
GGGL 28.03 Decreased By ▼ -0.07 (-0.25%)
GGL 46.75 Increased By ▲ 0.20 (0.43%)
HUMNL 7.55 Increased By ▲ 0.20 (2.72%)
JSCL 22.93 Increased By ▲ 0.28 (1.24%)
KAPCO 40.10 Increased By ▲ 0.18 (0.45%)
KEL 3.94 Decreased By ▼ -0.04 (-1.01%)
MDTL 3.81 Increased By ▲ 0.06 (1.6%)
MLCF 45.10 Decreased By ▼ -0.65 (-1.42%)
NETSOL 167.35 Increased By ▲ 1.29 (0.78%)
PACE 8.03 Decreased By ▼ -0.12 (-1.47%)
PAEL 34.87 Increased By ▲ 0.42 (1.22%)
PIBTL 11.35 Decreased By ▼ -0.10 (-0.87%)
POWER 9.35 Decreased By ▼ -0.01 (-0.11%)
PRL 24.13 Increased By ▲ 0.24 (1%)
PTC 11.75 Decreased By ▼ -0.05 (-0.42%)
SILK 1.83 No Change ▼ 0.00 (0%)
SNGP 51.18 Decreased By ▼ -5.07 (-9.01%)
TELE 15.57 Increased By ▲ 0.82 (5.56%)
TRG 168.06 Increased By ▲ 0.80 (0.48%)
UNITY 43.84 Decreased By ▼ -0.36 (-0.81%)
WTL 3.82 Increased By ▲ 0.26 (7.3%)
BR100 5,176 Decreased By ▼ -28.35 (-0.54%)
BR30 26,711 Decreased By ▼ -45.55 (-0.17%)
KSE100 47,673 Decreased By ▼ -120.39 (-0.25%)
KSE30 19,107 Decreased By ▼ -54.37 (-0.28%)

Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
23,048
3224hr
Pakistan Cases
1,008,446
3,75224hr
7.51% positivity
Sindh
367,092
Punjab
353,238
Balochistan
29,571
Islamabad
85,780
KPK
141,925
Business & Finance

World Bank’s ICSID grants Pakistan stay on $6bn penalty in Reko Diq case

  • This is a success for Pakistan and its legal team said Attorney General for Pakistan’s office in a statement.
Updated 18 Sep 2020

In a major development for Pakistan, the World Bank’s International Center for Settlement of Investment Disputes (ICSID) has granted a stay on the enforcement of the $6 billion award issued against Pakistan in the Reko Diq dispute.

This is a success for Pakistan and its legal team said Attorney General for Pakistan’s office in a statement.

Pakistan is seeking the reversal of the $6 billion penalty imposed by an international tribunal for denying a mining lease to the Australian company, as Pakistan says that paying the fine will hinder its ability to mitigate the coronavirus pandemic.

The World Bank's ICSID on July 13, 2019, announced a 700-page judgment regarding a $5.976 billion (Rs 944.21 billion) award against Pakistan in the Reko Diq case.

The ICSID award includes a $4.08 billion penalties and $1.87 billion in interest to Tethyan Copper Company (TCC), a joint venture between Chile's Antofagasta Plc and Canada's Barrick Gold, the Chilean miner.

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 litigation has continued for seven years.

Former chief justice Iftikhar Muhammad Chaudhry in the Maulana Abdul Haque vs Government of Balochistan held that the "Chagai Hills Exploration Joint Venture Agreement" (CHEJVA) signed between the Balochistan Development Authority (BDA) and Broken Hill Properties Minerals Intermediate Exploration Inc. (BHP) in 1993 was void ab initio.