{"id":59662,"date":"2020-01-10T15:58:55","date_gmt":"2020-01-10T10:58:55","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=59662"},"modified":"2020-01-13T12:55:53","modified_gmt":"2020-01-13T07:55:53","slug":"pakistan-asks-us-court-to-halt-usd-6bn-reko-diq-case-fine","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/pakistan-asks-us-court-to-halt-usd-6bn-reko-diq-case-fine.html","title":{"rendered":"Pakistan asks US court to halt Reko Diq case fine"},"content":{"rendered":"<p>Washington: The Pakistan government recently requested a United States (US) federal court to prevent the USD 6 billion fine imposed in the Reko Diq case from being enforced, according to a New York-based legal publication.<\/p>\n<p>Read:\u00a0<a href=\"https:\/\/www.zameen.com\/news\/kp-assembly-bill-lists-ex-fata-mines-minerals-as-govt-properties.html\" target=\"_blank\" rel=\"noopener noreferrer\">KP Assembly bill lists ex-FATA mines, minerals as govt properties<\/a><\/p>\n<p>The Australian company \u2013 Tethyan Copper Co. Pty Limited \u2013 won a dispute regarding the rejected <a href=\"https:\/\/www.zameen.com\/news\/gold-and-copper-reserves-worth-1-trillion-unearthed-in-pakistan.html\" target=\"_blank\" rel=\"noopener noreferrer\">Reko Diq <\/a>mining case in Balochistan. This dispute was fought in the International Centre for Settlement of Investment Disputes (ICSID). The USD 6 billion fine decided is the second largest amount to be imposed by the ICSID. It also amounts to 2% of Pakistan\u2019s annual gross domestic product (GDP) and 40% of its total liquid foreign reserves.<\/p>\n<p>Read:\u00a0<a href=\"https:\/\/www.zameen.com\/news\/khattak-announces-govt-plans-set-up-gold-refinery-balochistan.html\" target=\"_blank\" rel=\"noopener noreferrer\">Khattak announces govt plans to set up gold refinery in Balochistan<\/a><\/p>\n<p>Pakistan appealed to the court that if this fine is imposed, it would negate the USD 6 billion loan the country had received from the International Monetary Fund (IMF) for its economic stability. It also informed ICSID that the proposed project was based on certain conditions not valid under Pakistani law, and Tethyan cannot seek damages. It also pointed out that no leases or permits had been issued by the government for this project, so it was not liable to pay this fine.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Washington: The Pakistan government recently requested a United States (US) federal court to prevent the USD 6 billion fine imposed in the Reko Diq case from being enforced, according to a New York-based legal publication. Read:\u00a0KP Assembly bill lists ex-FATA mines, minerals as govt properties The Australian company \u2013 Tethyan Copper Co. Pty Limited \u2013 won a dispute regarding the rejected Reko Diq mining case in Balochistan. This dispute was fought in the International Centre for Settlement of Investment Disputes (ICSID). The USD 6 billion fine decided is the second largest amount to be imposed by the ICSID. It also amounts to 2% of Pakistan\u2019s annual gross domestic product (GDP) and 40% of its total liquid foreign reserves. Read:\u00a0Khattak announces govt plans to set up gold refinery in Balochistan Pakistan appealed to the court that if this fine is imposed, it would negate the USD 6 billion loan the country had received from the International Monetary Fund (IMF) for its economic stability. It also informed ICSID that the proposed project was based on certain conditions not valid under Pakistani law, and Tethyan cannot seek damages. It also pointed out that no leases or permits had been issued by the government&hellip;<\/p>\n","protected":false},"author":58,"featured_media":7381,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[5606,14927,14928],"persona":[],"class_list":{"0":"post-59662","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"tag-fine","8":"tag-reko-diq","9":"tag-tethyan"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pakistan asks US court to halt Reko Diq case fine - Zameen News<\/title>\n<meta name=\"description\" content=\"Washington: The Pakistan government recently requested a United States (US) federal court to prevent the USD 6 billion fine imposed in the Reko Diq case\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/pakistan-asks-us-court-to-halt-usd-6bn-reko-diq-case-fine.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pakistan asks US court to halt Reko Diq case fine - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Washington: The Pakistan government recently requested a United States (US) federal court to prevent the USD 6 billion fine imposed in the Reko Diq case\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/pakistan-asks-us-court-to-halt-usd-6bn-reko-diq-case-fine.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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