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Reko Diq case: Court in British Virgin Islands orders to freeze Pakistani assets

Dunya News

Reko Diq case: Court in British Virgin Islands orders to freeze Pakistani assets

ISLAMABAD (Dunya News) - A foreign company Tethyan Copper has started the process of freezing Pakistani assets in Reko Diq case. Responding to the move, the Attorney General s Office said that the order was given without listening to Pakistan and all resources will be used to defend the country’s interest.

According to the details, progress has been made in the Reko Diq case. Tethyan Copper Company has started the process of freezing Pakistani assets.

The British Virgin Islands High Court has issued a restraining order on the application of Tethyan Copper Company to freeze Pakistan’s assets. The restraining order was issued on December 16, 2020.

Meanwhile, a statement issued by the Attorney General s Office said that the British Virgin Islands High Court ordered to freeze assets without listening to Pakistan. The Government of Pakistan will use all possible means to defend the interests of Pakistan.

The statement said that on July 12, 2019, Pakistan was ordered to pay a fine of $5.6 billion.The World Bank’s International Centre for Settlement of Invest¬ment Disputes (ICSID) granted a stay on the enforcement of a penalty awarded against Pakistan in the Reko Diq mining lease dispute.

Under the conditional restraining order, Pakistan had to deposit $1.5 billion in a foreign bank. At the expiration of the conditional restraining order, the Tethyan Copper Company requested the freezing of Pakistani assets. Under the conditional restraining order, Pakistan was required to deposit $1.5 billion in a foreign bank as guarantee.