The International Center for Settlement of Investment Disputes (ICSID) has imposed a penalty of $5.976 billion against Pakistan in Reko Diq case.
The ICSID, one of the five organisations of the World Bank Group, issued a 700-page ruling against Pakistan in the Reko Diq case and awarded a $4.08 billion penalty and $1.87 billion in interest.
However, Pakistan has decided to challenge the award “very soon” by filing a revision application.
According to Special assistant to the prime minister on information Dr Firdous Ashiq Awan, the law ministry and the attorney general are looking into the matter in light of international laws. She expressed the hope that the government would come up with a formal reaction.
Earlier, Tethyan Copper Company’s (TCC) management, the complainant whose contract was terminated, had claimed $11.43 billion in damages. In 2012, TCC filed claims for international arbitration before the ICSID of the World Bank after the Balochistan government turned down a leasing request from the company. The litigation has continued for seven years.