Asim Bajwa terms stay order in Reko Diq case a ‘great relief’

ISLAMABAD: Special Assistant on Information and Broadcasting Asim Saleem Bajwa has termed the stay order over $6 billion penalty in the Reko Diq case a ‘great relief’.

In a tweet on Friday, Asim Saleem Bajwa while terming the World Bank decision a big relief for Pakistan, said that Prime Minister Imran Khan fully supports the government of Balochistan to develop the mining sector.

Reko Diq:Stay order by World Bank tribunal on $ 6 Bn award vs Pakistan is great relief.Meanwhile PM directs to fully support GOB for accelerated dev of mineral sec in a transparent manner,structured system, best tech,involve local investors,develop own HR #PakistanMovingForward

— Asim Saleem Bajwa (@AsimSBajwa) September 18, 2020

“Reko Diq: Stay order by World Bank tribunal on $ 6 Bn awards vs Pakistan is a great relief. Meanwhile PM directs to fully support GOB for accelerated dev of mineral sec in a transparent manner, structured system, best tech, involve local investors, develop own HR #PakistanMovingForward,” he tweeted.

The World Bank’s International Centre for Settlement of Investment Disputes has granted a stay on the enforcement of a hefty penalty imposed on Pakistan in the Reko Diq mining dispute.

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In July last year, an international arbitration tribunal of the ICSID had slapped a nearly six billion dollars penalty on Pakistan for denying a mining lease to Australian company Tethyan Copper Company (TCC).

The World Bank’s International Center for Settlement of Investment Disputes (ICSID) has granted Pakistan a stay order of six months in the case. The ICSID had imposed a penalty of $5.976 billion against Pakistan in its 700-page ruling in July last year.