Pakistan wins stay over $6 bn penalty in Reko Diq case
The World Bank’s International Centre for Settlement of Investment Disputes (ICSID) has granted stay on the enforcement of penalty imposed on Pakistan in the Reko Diq mining lease dispute.
In a statement in Islamabad, the office of Attorney General for Pakistan described the development as a success for the country and its legal team.
In July last year, an international arbitration tribunal of the ICSID had slapped nearly six billion dollars penalty on Pakistan for denying a mining lease to an Australian company.
Chairman China-Pakistan Economic Corridor Authority (retd) Lieutenant General Asim Saleem Bajwa said the Reko Diq stay order by the World Bank tribunal on six billion US dollars award against Pakistan was a great relief.
In a tweet on Friday, he said, “Prime Minister Imran Khan has directed to fully support the government of Balochistan for accelerated development of mineral sector in a transparent manner and structured system.”