{"id":67041,"date":"2020-06-24T14:43:27","date_gmt":"2020-06-24T09:43:27","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=67041"},"modified":"2020-06-24T14:43:28","modified_gmt":"2020-06-24T09:43:28","slug":"pakistan-exempted-paying-usd-6bn-penalty-reko-diq-case-report","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/pakistan-exempted-paying-usd-6bn-penalty-reko-diq-case-report.html","title":{"rendered":"Pakistan may be exempted from paying USD 6bn penalty in Reko Diq case: Report"},"content":{"rendered":"\n<p>Islamabad: The International Centre for Settlement of Investment Disputes (ICSID) has recently nixed a penalty of EUR 128 million imposed on Spain and this development has boosted the prospects of releasing Pakistan from its USD 6 billion penalty in Reko Diq case, according to news sources.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/pakistan-asks-us-court-to-halt-usd-6bn-reko-diq-case-fine.html\" target=\"_blank\" rel=\"noreferrer noopener\">Pakistan asks US court to halt Reko Diq case fine<\/a><\/p>\n\n\n\n<p>The monetary penalty on Spain was waived after the arbitrator \u2013 Stanimir Alexandrov \u2013 was found guilty of \u2018conflict of interest\u2019. Alexandrov had also represented the plaintiffs in the case against Pakistan. Following the annulment of the award by the ICSID, Pakistan has again applied for the annulment of a USD 6 billion penalty in Reko Diq case.<\/p>\n\n\n\n<p>Previously, Pakistan\u2019s legal team Allen &amp; Overy LLP had also allied for disqualification of the aforementioned arbitrator from the tribunal, but could not convince the ICSID.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/kp-assembly-bill-lists-ex-fata-mines-minerals-as-govt-properties.html\" target=\"_blank\" rel=\"noreferrer noopener\">KP Assembly bill lists ex-FATA mines, minerals as govt properties<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.zameen.com\/news\/gold-and-copper-reserves-worth-1-trillion-unearthed-in-pakistan.html\" target=\"_blank\" rel=\"noreferrer noopener\">Reko Diq <\/a>is a small town in Chagai, Balochistan and has the biggest gold and copper reserves in Pakistan \u2013 its extraction capacity upon full development can reach 250,000 ounces of gold and copper for 50 years. The centre had concluded in July 2019 that Pakistan violated the Australia-Pakistan bilateral investment treaty by unlawfully terminating the mining lease of Tethyan Copper Company (TCC) in 2011 \u2013 by Supreme Court\u2019s orders.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The International Centre for Settlement of Investment Disputes (ICSID) has recently nixed a penalty of EUR 128 million imposed on Spain and this development has boosted the prospects of releasing Pakistan from its USD 6 billion penalty in Reko Diq case, according to news sources. Read: Pakistan asks US court to halt Reko Diq case fine The monetary penalty on Spain was waived after the arbitrator \u2013 Stanimir Alexandrov \u2013 was found guilty of \u2018conflict of interest\u2019. Alexandrov had also represented the plaintiffs in the case against Pakistan. Following the annulment of the award by the ICSID, Pakistan has again applied for the annulment of a USD 6 billion penalty in Reko Diq case. Previously, Pakistan\u2019s legal team Allen &amp; Overy LLP had also allied for disqualification of the aforementioned arbitrator from the tribunal, but could not convince the ICSID. Read: KP Assembly bill lists ex-FATA mines, minerals as govt properties Reko Diq is a small town in Chagai, Balochistan and has the biggest gold and copper reserves in Pakistan \u2013 its extraction capacity upon full development can reach 250,000 ounces of gold and copper for 50 years. The centre had concluded in July 2019 that Pakistan violated the&hellip;<\/p>\n","protected":false},"author":75,"featured_media":67076,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[32699,32700,32701,32698,14927],"persona":[],"class_list":{"0":"post-67041","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-chagai","9":"tag-gold-and-copper-reserves","10":"tag-international-centre-for-settlement-of-investment-disputes-icsid","11":"tag-pakistan-may-be-exempted-from-paying-usd-6bn-penalty-in-reko-diq","12":"tag-reko-diq","13":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pakistan may be exempted from penalty in Reko Diq case- Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The International Centre for Settlement of Investment Disputes (ICSID) has recently nixed a penalty of EUR 128 million imposed on Spain and\" \/>\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-exempted-paying-usd-6bn-penalty-reko-diq-case-report.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pakistan may be exempted from penalty in Reko Diq case- Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The International Centre for Settlement of Investment Disputes (ICSID) has recently nixed a penalty of EUR 128 million imposed on Spain and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/pakistan-exempted-paying-usd-6bn-penalty-reko-diq-case-report.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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