Pakistan shows disappointment over ICSID Reko Diq case judgement

ISLAMABAD: Showing the disappointment over the International Center for Settlement of Investment Disputes (ICSID) about Reko Diq case, the Attorney General Office has said that Islamabad reserves the right to challenge the verdict at all international forums, ARY News reported on Sunday.

“All stakeholders including Balochistan government are reviewing the judgment”, stated a press release issued here from the Attorney General of Pakistan’s Office.

Terming the press release issued from the chairman TCC Board, a good omen, the AGP stated that the government is ready to sit for discussion to settle the dispute.

Pakistan is a responsible state and obeys international laws, the statement said.

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 $1.87 bn 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 canceled 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 a contract, had been canceled.