PM Imran directs to form commission on situation led to Reko Diq $5.8bn penalty

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1812
PM

ISLAMABAD: Prime Minister Imran Khan has directed to form a judicial commission on a penalty of six billion dollars in the Reko Diq case.
The commission will investigate into how situation resulted in the penalty and why Pakistan was fined of the huge amount of money while the commission will also determine who incurred a loss to the national exchequer.
Attorney general office has issued a press release in this regard according to which the international court announced the verdict containing several hundred pages yesterday while attorney general office and the government of Balochistan analyzing the legal and financial effects of the international court and the government of Pakistan considering all aspects of the matter and decide the future course with consultation.
The press release read that the government of Pakistan has right to use all legal options according to the international laws while the government welcomed the TTC company offer to resolve the issue through negotiation and also welcome all the international investors in the country.
According to the press release has an interest in the development of Reko Diq resources and sees the international agreements with seriousness being as a responsible state while legal rights, protection of interests will be ensured.
The International Center for Settlement of Investment Disputes (ICSID) imposed a penalty of 5.8bn on Pakistan in the Reko Diq case.
In a 700-page ruling, ICSID awarded $4.08 billion penalty and $1.87bn in interest to Pakistan. The amount will be paid to Tethyan Copper Company (TCC).
Tethyan Copper Company (TCC) had been granted license for god and copper mining at RekoDiq, area of Balochistan but the former chief justice Iftikhar Muhammad Chaudhry had cancelled the agreement with the company.
The company had filed a lawsuit against Pakistan at ICSID, claiming S11.43bn in damages in 2012. Sources privy to the matter said that Pakistan will soon challenge the verdict.
In 2013, a three-member bench of the Supreme Court, headed by then Chief Justice Iftikhar Muhammad Chaudhry had declared Reko Diq lease agreement null and void. The bench had given its verdict in favor of Balochistan government.
The short verdict had stated that the agreement under which Tethyan Copper Company (TCCP) had been given contract, had been cancelled. – NNI