Prime Minister has ordered a commission to be formed for the investigation of the Reko Diq case. This commission will also fix the responsibility of the penalty imposed by the International Centre for Settlement of Investment Disputes (ICSID) on Pakistan.
On Sunday the foremost directions were provided in a statement that was issued from Attorney General for Pakistan (AGP)’s office. No official response was given to the $5.976 billion penalty from Pakistan’s side previously. This is the first direction given by PM Imran Khan. .
According to AGP’s statement Prime Minister Imran Khan’s the commission will investigate into the reasons that lead Pakistan into this predicament. Also, to figure out the culprits who made Pakistan suffer such a great loss and point out the lessons learnt. The aim is to ensure that no mistakes of similar gravity are repeated in the future.
“The government notes with disappointment the award by ICSID in the matter of Tethyan Copper Company (TCC) vs Islamic Republic of Pakistan. The tribunal has rendered an award of $4.08 billion in favour of TCC against their claim of $8.5 billion,” further said the statement.
The Balochistan government, AGP office and other stakeholders, are studying the case and carefully examining its legal and financial implications. And the government will also take consultation from provincial governments to plan out future strategy.
The statement said that the government of Pakistan for now reserves its right to proceed with any and all legal solutions available under the international law, ICSID and all other relevant laws to resolve this case and safeguard its interests
Emphasizing on the commitment of the government to International obligation the AGP statement said that Pakistan is welcoming all foreign investors and assert surety to them that their interests, assets and lawful rights shall always be protected.
Reko Diq’s mineral resources are the collective resource of the natives of Pakistan and Balochistan. Pakistan is keen for development of this resource to ensure that the development needs of some of the poorest people on the planet are addressed.
“International tribunals are also urged to consider the implications of their decisions and the impact on development and poverty alleviation.”
The TCC is the largest foreign direct investment mining project in the country.
More than 10 years ago, this group discovered vast copper and gold deposits In Balochistan at Reko Diq. After which a hugely lucrative open-pit mine will was planned. However, the project was halted in 2011 after the local government of Balochistan rejected the offer to renew the consortium’s lease. , and in 2013 Pakistan’s top court declared it invalid.
The World Bank’s international arbitration tribunal committee on past Friday awarded a $6 billion penalty to Pakistan for the damages to TCC because of the decision of the government to shut down the mine.
TCC’s William Hayes added that they are open to discuss potential negotiations for settlement with Pakistan on this case. They will continue to protect their legal rights and commercial interests until the dispute’s conclusion is presented.