World Bank tribunal grants Pakistan stay over $6 billion penalty in Reko Diq case

World Bank tribunal grants Pakistan stay over $6 billion penalty in Reko Diq case

The World Bank’s International Centre for Settlement of Investment Disputes (ICSID) has granted a stay on the enforcement of penalty of $6 billion imposed on Pakistan for its decision to deny a mining lease for the Reko Diq project. The office of the attorney general for Pakistan in a statement described the development as a success for the country and its legal team.

In July last year, an international arbitration tribunal of the ICSID had slapped a penalty of $6 billion on Pakistan for its 2011 decision to deny the mining lease to the TCC —  a 50-50 joint venture of Barrick Gold Corporation of Australia and Antofagasta PLC of Chile.

In November, Pakistan moved a plea before ICC for annulment of the award on several grounds. When the country’s plea was registered, an interim stay was granted automatically on the enforcement proceedings initiated by the TCC.

Source: Express Tribune

Related News

Thrilling adventures every Pakistani must try

Thrilling adventures every Pakistani must try

Adventure sports in Pakistan are a gateway to experiencing the country’s rugged beauty, diverse terrain, and rich cultural heritage. From the soaring peaks of the world’s second-highest mountain, K2, to the white-water rapids of its pristine rivers, and the vast expanse of its deserts, Pakistan’s topography provides an ideal backdrop for a wide array of thrilling outdoor activities. Whether you’re

5 countries you can travel to instead of buying an iPhone 15

5 countries you can travel to instead of buying an iPhone 15

In a world increasingly obsessed with the latest gadgets and technology, there’s a remarkable alternative waiting to be explored for those seeking richer experiences and memorable adventures. Instead of splurging on the latest iPhone, consider the wealth of affordable travel destinations that beckon from Pakistan’s doorstep. In this guide, we’ll uncover some of the most captivating and inexpensive travel destinations beyond Pakistan, proving that investing in experiences can be far more rewarding than the latest piece of tech. So, put down that smartphone and join us on a journey through the enchanting world of affordable travel alternatives from Pakistan.

Unbreakable records made by Pakistanis that make the nation proud

Unbreakable records made by Pakistanis that make the nation proud

From the heights of the Himalayan mountains to the depths of artistic and sporting achievements, Pakistanis have showcased their exceptional skills and determination on the global stage. These remarkable world records not only reflect the spirit and resilience of the Pakistani people but also serve as a testament to the boundless human potential that transcends geographical boundaries. In this exploration of world records made by Pakistanis, we delve into the remarkable achievements that have made the nation proud and have left an indelible mark on the world stage.

Unbelievable foods only fearless Pakistanis love to eat

Unbelievable foods only fearless Pakistanis love to eat

While you may have heard of classics like biryani and kebabs, there’s a whole world of unusual Pakistani foods waiting to be uncovered. Pakistan is a land of diverse cultures, traditions, and cuisines, where the culinary journey is an adventure through a kaleidoscope of flavors. These extraordinary dishes showcase the country’s diverse culture and fearless approach to flavors. From spicy snacks that pack a punch to strange but delicious delicacies, Pakistani cuisine is full of surprises.