ICSID orders Pakistan to stay for six months in Ricoh deck case

ICSID orders Pakistan to stay for six months in Ricoh deck case

ICSID had imposed a fine of Rs 95.976 billion against Pakistan in July last year. – News / Files

The World Bank’s International Center for Investment Dispute Resolution (ICSID) has granted a six-month stay to Pakistan in the Ricoh Deck case, in which Islamabad was fined چھ 6 billion. Geo News Reported

ICSID in its 700-page decision against Pakistan in July last year raised Rs 5.976 billion. Was fined.

ICSID has blocked the implementation of the $ 6 billion award against Pakistan in the Ricoh deck dispute.

The Attorney General for Pakistan’s office said it was a success for Pakistan and its legal team.

Shortly thereafter, the TCC initiated proceedings to enforce the award.

In November 2019, Pakistan challenged the award and initiated proceedings to abolish it and was granted a temporary stay upon initiating proceedings to cancel it.

According to the attorney general’s office, the hearing to confirm the restraining order took place in 2020 via video link.

On September 16, 2020, the tribunal finally ruled in Pakistan’s favor, confirming the stay on the implementation of the award.

ICSID is still considering Pakistan’s appeal against the imposition of fines on the cancellation of the Ricoh deck mining lease for TCC, a joint venture between Australia’s Barrack Gold Corporation and Chile’s Antofagasta plc. , And the final hearing will be in May 2021. .

The province of Balochistan is rich in minerals, including gold and copper.

The PTI-led government considers it a strategic national asset, even though the country has been hit hard by the Ricoh deck mines due to the ongoing international litigation between the TCC and Pakistan.

The amount of the award is the same as the bailout package given to Pakistan by the IMF. If implemented, the award would cause serious economic hardship and stunt economic growth.

In this context, the decision to stay is a success and a great relief for Pakistan.

STAY TUNED WITH US FOR MORE INTERESTING CONTENT ONLY ON DESINEW.XYZ

Leave a Reply

Your email address will not be published. Required fields are marked *