CPEC Authority Chief reveals $6 Relief by World Bank Tribunal
Chairman China-Pakistan Economic Corridor (CPEC) Authority Lieutenant General retired Asim Saleem Bajwa has said that the stay order by World Bank tribunal on the $ 6 bn awards against Pakistan is a great relief.
Taking to his official twitter handle, Chairman CPEC Lieutenant General retired Asim Saleem Bajwa said:
Attorney General Pakistan (AGP) office had termed the development a ‘success’ for Pakistan and its legal team for earning a stay on the hefty fine that comes about two percent of the country’s yearly GDP.
The global arbiter International Centre for Settlement of Investment Disputes (ICSID) had in July last year, decided in favor of the Australian company in a case wherein Pakistan was made liable to pay off $6 billion in compensation.
However Pakistan, upon enforcement proceedings by Tethyan Copper Co. Pty Ltd on the litigation, filed a petition for a stay and initiated annulment. ICSID granted Pakistan a provisional stay earlier in April upon initiating proceedings for the revocation of the decision.