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Business & Finance

Tethyan Copper Company legal team to visit Pakistan

  • the Civil Aviation Authority allowed the legal team to visit Pakistan and at the request of the Attorney General's Office, the Director Air Transport issued the permit.
Published February 9, 2021

A five-member legal team of Tethyan Copper Company (TCC) will arrive in Pakistan on the issue of payment of USD 6 billion in Reko Diq case.

As per media reports, a five-member TCC legal team comprising a Polish, an American, two British and an Australian citizen will arrive in Pakistan, the legal team will reach Islamabad on a British Airways flight from London.

It was learnt that the Civil Aviation Authority allowed the legal team to visit Pakistan and at the request of the Attorney General's Office, the Director Air Transport issued the permit.

Earlier, the Tethyan Copper Company (TCC) approached the High Court of Justice in the British Virgin Islands for the enforcement of the $5.97 billion award against Pakistan by the International Centre for Settlement of Investment Disputes (ICSID) in the Reko Diq case.

The British Virgin Islands high court passed an ex parte order regarding the attachment of Pakistani institutions’ assets. In view of that order, Pakistan cannot sell these assets. The government said it will contest the case when it is taken up again on January 7, 2021.

The World Bank’s arbitration tribunal granted Pakistan a stay on a $5.97 billion penalty imposed for cancelling a mining lease to an Australian company.

Pakistan had appealed the penalty imposed by the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) on several grounds. The tribunal is still considering Pakistan’s appeal against the penalty over its decision to cancel the Reko Diq mining lease for the Tethyan Copper Company (TCC) and a final hearing will take place in May 2021.

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