The Pakistani government is looking for opportunities to impose a $ 5 billion $ 90 Crore fine imposed by the World Trade Organization Settlement for Investment Dispute (ICSID) on Ricoh Dick Quarry in Balochistan. The mining agreement was imposed on cancellation.
The announcement was made by the Office of the Attorney General of Pakistan.
The Attorney General's Office said that on November 8, 2019, they filed a petition against the ICSID's July 12, 2019 decision to pay fines to Pakistan Tethyan Copper Company (TCC).
Along with the cancellation request, Pakistan had also filed a temporary halt to it, which was approved on November 18, 2019.
At present, the fines imposed by the ICSID are subject to a stay order, which means that the TCC is not allowed to take measures to enforce it.
The AG office said that the 'ICSID' secretariat would now notify the tribunal regarding the cancellation process and demand further resolution.
Recently, a delegation led by Attorney General Khalid Javed Khan visited London to prepare Pakistan's position during the hearing.
It may be recalled that the management of the Tethyan Copper Company had claimed a loss of Rs 11 billion 43 crore.
The claim was filed by the Balochistan government in 'ICSID' in 2012 after the company rejected the leasing application for the company.
After that, the case between the Pakistani government and the international company continued for seven years.
The TCC filed the case on January 12, 2012, while the ICSID had set up a tribunal for it on July 12, 2012.
It should be noted that Reko Diq, which means 'sand dune' in Baluchi, is a small village in Chaghi District, Balochistan, which is located near the Iran-Afghanistan border.
Reko Diq is known to be the fifth-largest gold and copper reserves in the world.