Pakistan faces setback in Reko Diq case

By Hamza Ameer Islamabad, Dec 26 : The Imran Khan-led government of Pakistan is confronted with yet another setback in the Riko Diq case as the high court in the British Virgin Islands has directed it to present assets as bank guarantees to an international arbitrator after Islamabad failed to provide them in the past.
The court has passed an ex parte order on December 16, asking Pakistan to attack details of some of its assets as a guarantee for an international arbitrator.
As per details of the court order, Pakistan will not be able to sell assets managed by offshore companies registered in the British Overseas Territory.
Further details revealed that the Tethyan Copper Company (TCC) had asked Pakistan to provide attachments of these assets for enforcement of $6 billion award, slapped on the country by the International Centre for Settlement of Investment Disputes (ICSID) on July 12, 2019, after Islamabad revoked the TCC contract for mining at Reko Diq in Balochistan province of the country.
However, the ICSID later stayed the enforcement of the $6 billion award and later on September 17, put out an order, stating that the stay shall continue on a conditional basis.
Pakistan was asked to provide unconditional and irrevocable bank guarantee or Letter of Credit (LC) for 25 per cent of the award, plus accrued interest as of date of the decision.