The World Bank’s International Centre for Settlement of Investment Disputes (ICSID) has issued a stay order in Reko Diq case against its previous decision imposing the US$ 6 billion penalty imposed on Pakistan.
Asim Saleem Bajwa – Special Assistant to the Prime Minister on Information and Broadcasting on Friday, took to social media to announce development of stay order issued by World Bank tribunal against the US$ 6 billion penalty imposed on Pakistan.
The development is a great success for the country, said the office of the attorney general for Pakistan.
It is pertinent to know that in July 2019, ICSID had imposed a US$ 6 billion penalty on Pakistan for its 2011 decision deny mining lease to TCC – joint venture of Barrick Gold Corporation of Australia and Antofagasta PLC of Chile, to mine in Reko Diq.
In response, Pakistan had filed a plea in the International Criminal Court (ICC) in November 2019.
The ICSID is mulling over Pakistan’s appeal against enforcing the penalty over its cancellation of the Reko Diq mining lease and a final hearing will take place in May next year.