BV High Court orders freezing of Pakistan’s assets in Ricoh deck case

BV High Court orders freezing of Pakistan’s assets in Ricoh deck case

According to 24 News HD TV channel on Thursday, the endless ricochet story took another turn as soon as the British Virgin Islands (BVV) High Court issued an interim order freezing Pakistan’s assets.

According to details, the sources said that it was the Tethyan Copper Company (TCC) which had submitted the order to the court which had issued the orders on the 16th of this month.

The Attorney General’s Office in Islamabad said in its response that the British Virgin Islands High Court ruled without hearing Pakistan’s position. He added that the government would use all available resources to defend the country’s interests.

In early September, the World Bank’s International Center for Investment Dispute Resolution (ICSID) temporarily suspended the imposition of a جرم 5.6 billion fine against Pakistan in the Ricoh Deck Mining Lease Dispute. Was approved.

However, the stay was conditional on Pakistan transferring 1.5 1.5 billion to a foreign bank. But as soon as the Steel Order expired, the TCC sent it to the Supreme Court of the British Virgin Islands.

Pakistan had filed a petition on July 12, 2019 to cancel the award presented by ICSID in the case of TCC v. Pakistan. In addition to the cancellation request, Pakistan also requested a temporary stay on the implementation of the award issued against the country.

The controversy and the resulting legal battle erupted when Pakistan decided to cancel the Ricoh Deck mining lease for the TCC. It is a 50-50 joint venture between Barrack Gold Corporation of Australia and Antofagasta plc of Chile.

In January 2013, a bench of the Supreme Court headed by then Chief Justice Iftikhar Muhammad Chaudhry had declared the mining contract for gold and copper mining illegal to the TCC.

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