Chairman China-Pakistan Economic Corridor (CPEC) Authority LieutenantGeneral retired Asim Saleem Bajwa has said that the stay order by WorldBank tribunal on the $ 6 bn awards against Pakistan is a great relief.
Taking to his official twitter handle, Chairman CPEC Lieutenant Generalretired 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 heftyfine that comes about two percent of the country’s yearly GDP.
The global arbiter International Centre for Settlement of InvestmentDisputes (ICSID) had in July last year, decided in favor of the Australiancompany in a case wherein Pakistan was made liable to pay off $6 billion incompensation.
Read Top Stories
However Pakistan, upon enforcement proceedings by Tethyan Copper Co. PtyLtd on the litigation, filed a petition for a stay and initiated annulment.ICSID granted Pakistan a provisional stay earlier in April upon initiatingproceedings for the revocation of the decision.
