ISLAMABAD – The World Bank’s International Center for Settlement ofInvestment Disputes (ICSID) has approved Pakistan’s petition for a reviewin the Reko Diq case in which the country was slapped with a $6 billionfine.
In 1993, an international mining company entered into a joint venture withthe Balochistan Development Authority. The joint venture was set up toprospect for gold and copper, and in the event of favorable discoveries,seek a mining license.
Fomer Advocate General of Balochistan Amanullah Kazani said that thecompany (Tethyan Copper Company) did not carry out any exploration since1994 and they kept the findings to themselves.
“The company had to submit a 100 [square] kilometres feasibility report butthey gave a report of mere 5 [square] kilometres to the authorities,” hesaid.
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“They dug 11 holes out of which only two were reported. Many other falsestatements were given by the company,” he noted.
With the assistance of an international law firm, Pakistan filed a petitionagainst the verdict within the given time and was able to secure a stayorder on the case.
