ISLAMABAD: A legal team of a foreign firm will arrive in Islamabad today for consultations over the Reko Diq case,
Foreign legal experts will consult with Pakistani officials for preparation of the country’s case in the International Centre for Settlement of Investment Disputes (ICSID) — a World Bank arbitration court.
Foreign lawyers’ team will hold consultations with the Office of the Attorney General and other concerned officials in the case.
After consultations, a draft of Pakistan’s contentions in the case will be prepared.
The global arbiter International Centre for Settlement of Investment Disputes (ICSID) had in July last year, decided in favour of the Tethyan Copper Co in a case wherein Pakistan was made liable to pay off $6 billion in compensation.
However Pakistan, had filed a petition for a stay and initiated annulment. ICSID granted Pakistan a provisional stay earlier in April upon initiating proceedings for the annulment of the verdict.
The tribunal finally ruled in favour of Pakistan in September and confirmed the stay on enforcement of the award until the final hearing set for May 2021.
Earlier, the company had approached the World Bank arbitration court in 2012 after the Balochistan government declined its lease request.
The Supreme Court of Pakistan had terminated the deal in 2013. The mining company said that it had invested over $220 million in Reko Diq project.
