The court announces short verdict, admits applications against Tethyan Copper Company. PHOTO: FILE
The court had reserved the 16-page judgement in the case on December 21, and announced the short verdict today. The court also accepted applications to hear against TCC.
Several identical petitions had been filed in the SC against the lease of gold and copper mines in Reko Diq to TCC – a consortium of Canada-based Barrick Gold and Chile-base Antofagasta Minerals.
TCC had invoked the jurisdiction of the International Chambers for Commerce and International Centre for Settlement of Investment Disputed against the government of Pakistan for not renewing the prospective Reko Diq minerals licence in accordance with Balochistan Mining Rules 2002.
Reko Diq is a multi-billion dollar project in the area of district Chaghi of Balochistan where millions of tonnes of copper and gold were identified in different reports prepared by world renowned companies.
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Prior to purchasing business property, determine how you will deal with the requirement to repair the property after a while.
@Mee
As I recall the win your referring to was limited to the arbitrator indicating that Pakistan could continue to explore this property while the contract dispute was being litigated/resolved - pretty std ruling and not something that indicates Pakistan would win the dispute.
This is why foreign countries place provisions in their agreements requiring that disputes be decided outside of Pakistan. The SC ruling doesn't resolve anything as the foreign arbitration proceeding may go against Pakistan and no foreign corporation is likely to invest in a project where title is tainted. Further -- the ramification of this decision may go far beyond Reco Diq as it's clear that a contract doesn't mean anything in Pakistan -- anyone can invest millions/billions only to have the SC take away there rights with a summary ruling with little or no explanation or justification.
Next time anyone who wants to do business in Pakistan, should go to SC first for approval. Government of Pakistan when advertising abroad for investments in different projects should also attach SC's pre-approval certificate with advertisements.
We have already won the case in international court as well.
OK. now get ready to pay a big hefty amount at international arbitration court. It will go from the pocket of ordinary tax payer of Pakistan.
Looks like regime change from overlords coming soon since they don't like gold held by anyone else beside the,.
Once again SC to the rescue...