Abb Takk News

Pakistan Given Stay On $6bn Fine in Reko Diq Case

ISLAMABAD: In a positive development for Pakistan, World Bank’s arbitration forum, the International Center for Settlement of Investment Disputes (ICSID), on Thursday granted a stay on the $6 billion fine imposed on the country in Reko Diq case.

In July 2019, the ICSID Tribunal ruled in favor of the Australian company Tethyan Copper Company (TCC), ordering Pakistan to pay a hefty $6 billion fine to the Australian mining company.

In April 2020, a hearing was held via video link which granted Pakistan provisional stay against the fine. The final hearing in the Reko Diq case is slated to be held in May next year.