British Virgin Islands court unfreezes PIA assets in Reko Diq award case

The High Court of Justice in the British Virgin Islands (BVI) on Tuesday ruled in favour of Pakistan in a case initiated by Tethyan Copper Company (TCC) for attachment of assets belonging to the Pakistan International Airlines Investment Ltd (PIAIL), including hotels in New York and Paris, as part of its efforts for the enforcement of the Reko Diq award.

“Pakistan has won the BVI case initiated by TCC to enforce the ICSID [International Centre for Settlement of Investment Disputes] award,” stated the International Disputes Unit (IDU) housed inside the Attorney General Office within the premises of the Supreme Court of Pakistan, adding that all ex-parte orders obtained by the TCC earlier had been set aside.

The TCC had initiated the case for the enforcement of the July 12, 2019, $5.97 billion award against Pakistan by the ICSID in the Reko Diq litigation.

“A short while ago judgement was announced by BVI High Court,” Attorney General for Pakistan Khalid Jawed Khan said while talking to Dawn, adding that it was a great legal victory for Pakistan as well as the Pakistan International Airlines (PIA).

The AGP said all the orders earlier passed against PIAIL — a company which is also incorporated in the British Virgin Islands — had now been recalled by the BVI High Court, adding that it had also removed the receiver appointed for the Roosevelt Hotel, New York, and the Scribe Hotel, Paris. The cost of litigation was also awarded.