Pakistan has resorted to US Federal Court (FC) seeking stopping implementation of International Arbitration Court (IAC) decision of imposition of penalty on Pakistan in Reko Diq case
WASHINGTON (Pakistan Point News / Online - 10th January, 2020) Pakistan has resorted to US Federal Court (FC) seeking stopping implementation of International Arbitration Court (IAC) decision of imposition of penalty on Pakistan in Reko Diq case.Australian company Tethyan Copper Company's (TCC) management had claimed $11.43 billion in damages Copper Company's (TCC) management had won Reko Diq mining case in Balochistan last year. Decision for making payment of 6 billion dollars by Pakistan to TCC was announced.
Pakistan has taken stance in the appeal filed in the USFC that enforcement of this decision will ensue disastrous impact for Pakistan political and economic stabilityPakistan argued though a short statement filed on Friday that TCC should not be allowed to go for legal proceedings because they are trying to cancel the award on the basis of flaws in several methodologies.It was told that this award was the second largest award issued through The International Center for Settlement of Investment Disputes (ICSID). This accounts for 2 percent of GDP and 40 percent of total liquid foreign reservoirsICSID was set up as International arbitration institute in 1966 for resolving legal feuds and forging reconciliation among the international investors and it is funded by Washington world bank group.
