Islamabad: The World Bank’s International Centre for Settlement of Investment Disputes (ICSID) has granted a stay to Pakistan in the enforcement of a six billion dollar penalty in the Riko Dik case.
It is pertinent to mention here that an international arbitration tribunal of the ICSID in July 2019 has slapped fine of six billion dollars to Pakistan in the favour of Australian company Tethyan Copper Company (TCC) for denying a mining lease.
As per the Attorney General Khaild Javed Khan ICSID on March 10 2020 on a request of Pakistan had given interim stay in paying the huge fine of six billion dollars.
A hearing on a video link to constant stay was held in April 2020 and now the stay has been issued.
The final hearing of the Riko Dik case will be held on May 2021.
The attorney general has declared the verdict a huge success for Pakistan’s legal team while the country had started the legal action for annulling the penality in 2019.