{"id":76279,"date":"2021-05-27T13:05:55","date_gmt":"2021-05-27T08:05:55","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=76279"},"modified":"2021-05-27T17:32:31","modified_gmt":"2021-05-27T12:32:31","slug":"court-releases-pias-assets-in-reko-diq","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/court-releases-pias-assets-in-reko-diq.html","title":{"rendered":"International court releases PIA\u2019s assets in Reko Diq lawsuit"},"content":{"rendered":"\n<p>Islamabad: The High Court of Justice in the British Virgin Islands (BVI) on Tuesday ruled in Pakistan\u2019s favour and retracted its earlier order to attach the Pakistan International Airlines Investment Ltd (PIAIL)\u2019s international assets \u2013 Roosevelt Hotel in Manhattan, New York and Scribe Hotel in central Paris \u2013 with the enforcement of Reko Diq penalty in the case moved by the Tethyan Copper Company (TCC), according to news sources.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/cpec-chairman-lauds-the-stay-order-on-reko-diq.html\" target=\"_blank\" rel=\"noreferrer noopener\">CPEC Chairman lauds the stay order on Reko Diq<\/a><\/p>\n\n\n\n<p>Previously, on December 16, 2020, the BVI High Court had attached the PIAIL\u2019s assets including company\u2019s shares in Roosevelt Hotel and Scribe Hotel, while also freezing 40% interest of PIA in a third entity. Additionally, the court appointed a receiver on an interim basis.<\/p>\n\n\n\n<p>The TCC moved the BVI High Court for the enforcement of USD 5.97 billion award against Pakistan that was levied by the International Centre for Settlement of Investment Disputes (ICSID) on July 12, 2019, in Reko Diq lawsuit for revoking a mining contract.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/funds-approved-for-meeting-financial-operational-requirements-of-pias-roosevelt-hotel.html\" target=\"_blank\" rel=\"noreferrer noopener\">Funds approved for meeting financial operational requirements of PIA\u2019s Roosevelt Hotel<\/a><\/p>\n\n\n\n<p>The Attorney General for Pakistan&#8217;s (AGP) office confirmed the verdict and announced that the court has also awarded the cost of litigation, while \u2018ex-parte orders obtained by the TCC earlier had been set aside\u2019. Moreover, the International Disputes Unit (IDU) in AGP\u2019s office housed inside the premises of Supreme Court revealed that the court has claimed that it had no jurisdiction to judge the case and has removed the receiver appointed with immediate effect. Prime Minister Imran Khan lauded the IDU\u2019s efforts for protecting Pakistan\u2019s interest.<\/p>\n\n\n\n<p>However, it is important to mention here that the USD 5.97 billion <a href=\"https:\/\/www.zameen.com\/news\/pakistan-exempted-paying-usd-6bn-penalty-reko-diq-case-report.html\" target=\"_blank\" rel=\"noreferrer noopener\">penalty<\/a> against Pakistan is still intact. For more updates and developments in the Reko Diq case, please stay tuned<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The High Court of Justice in the British Virgin Islands (BVI) on Tuesday ruled in Pakistan\u2019s favour and retracted its earlier order to attach the Pakistan International Airlines Investment Ltd (PIAIL)\u2019s international assets \u2013 Roosevelt Hotel in Manhattan, New York and Scribe Hotel in central Paris \u2013 with the enforcement of Reko Diq penalty in the case moved by the Tethyan Copper Company (TCC), according to news sources. Read: CPEC Chairman lauds the stay order on Reko Diq Previously, on December 16, 2020, the BVI High Court had attached the PIAIL\u2019s assets including company\u2019s shares in Roosevelt Hotel and Scribe Hotel, while also freezing 40% interest of PIA in a third entity. Additionally, the court appointed a receiver on an interim basis. The TCC moved the BVI High Court for the enforcement of USD 5.97 billion award against Pakistan that was levied by the International Centre for Settlement of Investment Disputes (ICSID) on July 12, 2019, in Reko Diq lawsuit for revoking a mining contract. Read: Funds approved for meeting financial operational requirements of PIA\u2019s Roosevelt Hotel The Attorney General for Pakistan&#8217;s (AGP) office confirmed the verdict and announced that the court has also awarded the cost of litigation,&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":[15015,15016],"tags":[46063,24718],"persona":[],"class_list":{"0":"post-76279","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"category-new-developments","9":"tag-international-court-releases-pias-assets-in-reko-diq-lawsuit","10":"tag-pakistan-international-airlines-pia","11":"cat-15015-id","12":"cat-15016-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>International court releases PIA\u2019s assets in Reko Diq case - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The High Court of Justice in the British Virgin Islands (BVI) on Tuesday ruled in Pakistan\u2019s favour and retracted its earlier order to attach\" \/>\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\/court-releases-pias-assets-in-reko-diq.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"International court releases PIA\u2019s assets in Reko Diq case - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The High Court of Justice in the British Virgin Islands (BVI) on Tuesday ruled in Pakistan\u2019s favour and retracted its earlier order to attach\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/court-releases-pias-assets-in-reko-diq.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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