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World Bank tribunal announces suspension of Reko Diq case – Newspaper

 


ISLAMABAD: The World Bank’s International Center for Settlement of Investment Disputes (ICSID) has granted a stay of enforcement of a sanction imposed on Pakistan in the Reko Diq mining lease dispute.

This is a success for Pakistan and its legal team, a statement released by the attorney general’s office said on Thursday.

In July 2019, an ICSID tribunal slapped a sum of $ 5.97 billion against Pakistan for refusing the mining lease to the Australian company Tethyan Copper Company (TCC).

Immediately afterwards, the ICC initiated proceedings for the enforcement of the award, according to the statement from the GA office, adding that Pakistan had challenged the award in November 2019 and initiated proceedings for its annulment.

Attorney General’s Office says stay was granted following execution of nearly $ 6 billion sentence against Pakistan; final hearing to be held in May 2021

In March of this year, the AGP office announced that it had filed an application on November 8, 2019 for the annulment of the award issued by ICSID on July 12, 2019 in the TCC v Pakistan case. Along with the annulment appeal, Pakistan also requested a provisional stay of enforcement of the award rendered against the country on November 18, 2019.

Pakistan was granted the provisional stay when the cancellation proceedings were initiated, after which a hearing to confirm the stay order was held via video link in April this year. On September 16, 2020, the court finally ruled in favor of Pakistan, upholding the stay of execution of the sentence.

ICSID is still considering appealing Pakistanis against sanction over its decision to rescind Reko Diq’s mining lease for Tethyan Copper Company, a 50/50 joint venture between Barrick Gold Corporation of Australia and Antofagasta PLC of Chile and a final hearing will take place in May 2021.

Reko Diq, a small desert town in the Chagai district of Balochistan, is famous for its mineral wealth, especially gold and copper. The area is located in the Tethyan Belt which stretches from Turkey and Iran to Pakistan.

Prime Minister Imran Khans’ government sees this as a strategic national asset, although instead of giving up a windfall, the Reko Diq mines have cost the country dearly due to the ongoing international dispute between the TCC and Pakistan.

The amount of the reward is the same as that of the bailout granted to Pakistan by the International Monetary Fund, the statement from the GA’s office recalled, adding that if applied, the price would cause serious economic hardship and would retard economic growth. Seen in this context, the decision to stay was a major achievement and relief for Pakistan, the statement said.

Previously, Pakistan had argued in court that the Reko Dig mining deal / permit was obtained through corrupt means and therefore the Plaintiff (TCC) could not claim damages.

But after the announcement of the award, Pakistan reacted swiftly, with Prime Minister Khan setting up a commission to investigate the reasons why Pakistan found itself in this predicament.

In January 2013, a Supreme Court bench led by then-chief justice Iftikhar Muhammad Chaudhry, while accepting a petition from former lawmaker Dr Abdul Haq Baloch, declared illegal the mining contract at TCC for the exploration of gold and copper.

Posted in Dawn, September 18, 2020

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