(Karachi) The British Virgin Islands high court has ruled to attach certain assets belonging to the country’s institutions in Reko Diq case, local media reported on Thursday.

The Tethyan Cooper 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.

As per details, 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.

TTC had moved the high court for the enforcement of the award which includes attachment of the assets belonging to the Pakistan International Airlines Investment Ltd (PIAIL) — a company which is also incorporated in the British Virgin Islands.

However, the office of the Attorney General for Pakistan said that Pakistan is vigorously contesting these proceedings using all available legal resources. The government is also engaged to settle the matter amicably.

"Without prejudice to such engagements, Pakistan has reiterated that the government will vigorously pursue proceedings initiated by the company in any jurisdiction and the government reaffirms its commitment to protecting national assets wherever they may be located," a statement by the attorney general's office said.

Earlier, 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.