Tethyan Copper Company starts attachment of Pakistani institutions' assets
December 24, 2020
Tethyan Copper Company (TCC) has started the attachment of certain assets belonging to Pakistani institutions.
In a statement issued on Thursday, the office of the Attorney General for Pakistan said that pursuant to the International Centre for Settlement of Investment Dispute (ICSID) case filed by Tethyan Copper Company (TCC) against the government of Pakistan in the year 2012 — and the subsequent $5.97 billion award rendered by the ICSID tribunal on 12 July 2019 — TCC has initiated the proceedings for the enforcement of the award before the High Court of Justice in the British Virgin Islands (BVI).
The TCC has sought attachment of certain assets belonging to Pakistani institutions.
According to the AGP office, the government of Pakistan is vigorously contesting these proceedings with all the legal resources available to it. The government, however, is aiming to settle the matter amicably.
It said that without prejudice to such engagement, the government of Pakistan reiterates that it "shall vigorously pursue proceedings initiated by TCC in any jurisdiction, adding that the government "reaffirms its commitment to protecting national assets, wherever they may be located."
Read more: Reko Diq: After 30 years, NAB files reference against Balochistan govt officials
According to reliable sources, the High Court of BVI has issued an interim order in which it issued the attachment of certain assets of Pakistani institutions on December 16, 2012.
In September this year, the ICSID had granted Pakistan a stay order in the Reko Diq case in which the country was slapped with a $6 billion fine.
The ICSID had imposed a penalty of $5.976 billion against Pakistan in its 700-page ruling, in July last 2019.
The ICSID had granted a stay on the enforcement of the $6 billion-award issued against Pakistan in the Reko Diq dispute.
Immediately thereafter, the TCC commenced proceedings for the enforcement of the award.
In November 2019, Pakistan had challenged the award and initiated proceedings seeking its annulment and was granted a provisional stay upon initiating annulment proceedings.
According to the AGP's office, a hearing to confirm the stay order took place via video link in April 2020.
On September 16, 2020, the tribunal finally ruled in favour of Pakistan, confirming the stay on the award's enforcement.
Related: ICSID approves Pakistan's review plea against $6bn Reko Diq fine
