*ISLAMABAD - **PM Imran Khan takes action over reports of Rs 950 billion penalty to Pakistan over infamous Reko Diq case.*
* A commission is being formed to investigate who is responsible for the Reko Diq case. *
According to the Attorney General’s Office, the commission, which has been formed by Prime Minister Imran Khan , will investigate how Pakistan landed itself in a situation where it has been fined over $5 billion in damages.
The fine was imposed on Pakistan on Saturday by a World Bank arbitration court — the International Centre for Settlement of Investment Disputes. Pakistan has to pay Tethyan Copper $5.8 billion in damages.
The company had approached the World Bank’s arbitration court in 2012 after the Balochistan government declined its lease request.
Pakistan’s Supreme Court had terminated the deal in 2013. The mining company said that it had invested over $220 milion on Reko Diq.
The company is still “willing to strike a deal with Pakistan,” Tethyan board chair William Hayes said in a statement. But added that “it would continue protecting its commercial and legal interests until the dispute was over.”
Prime Minister Khan now wants the commission to find out what happened and who is responsible.