ISLAMABAD: In a major development, High Court in the British Virgin Islands has unfrozen the Pakistan International Airlines assets abroad in the Reko Diq case.
Attorney General’s Office on Tuesday said the High Court announced the judgment recalling all the orders passed against Pakistan International Airlines to attach its assets, i.e., Roosevelt Hotel, New York and Scribe Hotel, Paris.
Attorney General for Pakistan Khalid Jawed Khan termed it a great victory for the country, while Prime Minister Imran Khan lauded the efforts of the Attorney General’s Office and the International Dispute Unit.
The court has also awarded cost of litigation in favour of Pakistan. High Court of the British Virgin Islands had passed an order on the request of Tethyan Copper Company (TCC).
The TCC on November 20, 2020 had sought attachment of assets for enforcement of the $6 billion award that the International Centre for Settlement of Investment Disputes (ICSID) slapped on Pakistan on July 12, 2019, for revoking the TTC mining contract at
Reko Diq in Balochistan.
The enforcement of the award was provisionally stayed in September 2019, which was again extended on September 17, 2020, after the Pakistan government had applied for its annulment. On December 16, the high court had, through an ex parte order, attached assets belonging to the Pakistan International Airlines Investment Limited (PIAIL) including Roosevelt Hotel in New York, Scribe Hotel in Paris, and froze 40% of PIA's interest in Minhal Incorporated.
However, the AGP Office had “vigorously” contested proceedings in order to protect its national assets.
Copyright Business Recorder, 2021
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