Another positive development over $6 billion deal for Pakistan at World Bank ICSID
ISLAMABAD - The World Bank's International Center for Settlement of Investment Disputes (ICSID) has approved Pakistan’s petition for a review in the Reko Diq case in which the country was slapped with a $6 billion fine.
In 1993, an international mining company entered into a joint venture with the Balochistan Development Authority. The joint venture was set up to prospect for gold and copper, and in the event of favorable discoveries, seek a mining license.
Fomer Advocate General of Balochistan Amanullah Kazani said that the company (Tethyan Copper Company) did not carry out any exploration since 1994 and they kept the findings to themselves.
“The company had to submit a 100 [square] kilometres feasibility report but they gave a report of mere 5 [square] kilometres to the authorities,” he said.
“They dug 11 holes out of which only two were reported. Many other false statements were given by the company,” he noted.
With the assistance of an international law firm, Pakistan filed a petition against the verdict within the given time and was able to secure a stay order on the case.