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