The foreign assets of Pakistan International Airlines, which were ordered to be frozen, have been returned to the carrier after the British Virgin Islands High Court overturned its decision in the Ricoh Deck case.
Attorney General for Pakistan Khalid Javed Khan shared a statement calling it a “great victory for Pakistan”.
“Recipient removed from Receit Hotel, New York and Secret Hotel, Paris,” the statement read, referring to PIA’s overseas-owned hotels and the revocation of copper and gold mining licenses. Requested as compensation.
In November 2020, the TCC approached the BVI High Court Justice to enforce the 6 billion award in the Ricoh Deck case, and on December 16, the court, through a previous order, removed the assets of Pakistan International Airlines Investment Limited Gave up PIAL) including the Roosevelt Hotel in New York, the Secret Hotel in Paris, and the freezing of 40% of PIA’s interest in Minhal Inc.
In July 2019, the International Center for Investment Dispute Resolution (ICSID) withdrew a major award of 5. 5.976 billion against Pakistan for canceling the TCC mining contract at Ricoh Deck in Balochistan. ۔
The verdict in the Rico Deck case of former Chief Justice of Pakistan Iftikhar Muhammad Chaudhry had put an end to these incidents, which led to the ICSID’s decision after nearly seven years of litigation.
In September 2020, Pakistan blocked the implementation of the award and ICSID said the condition would continue on a conditional basis. The arbitrator directed Pakistan to provide a letter of credit (LC) for 25 per cent of the “unconditional and irrevocable” bank guarantee or award, as well as interest at the date of the decision.
However, Pakistan missed the deadline and did not deposit 25% bank guarantee.
“Pakistan was dragged into arbitration on the basis of the Bilateral Investment Treaty (BIT), which it signed with Australia in 1998,” TRT World reported.
Meanwhile, responding to the development, the PIA said that justice had prevailed and thanked the people of the country for their prayers.
“Decide BVI[d]In favor of PIA, release of all hard earned assets i.e. Roosevelt NYC & Secret Paris. Great victory for PIA and Pakistan. “We won it together,” the airline said.
PIA CEO Air Marshal Irshad Malik said the airline’s valuable assets had been preserved, calling the development a “great victory for Pakistanis”.
STAY TUNED WITH US FOR MORE INTERESTING CONTENT ONLY ON DESINEW.XYZ