Reko Diq case: CJP says local laws also apply to foreign investors
He was hearing identical petitions against leasing out gold and copper mines, including the world's biggest gold mine valued at over $260 billion at Reko Diq in Balochistan, to foreign companies by the federal government in violation of laid down rules.
He said it was mandatory to adhere to local laws in trade agreements, adding that every country had made it mandatory for foreigners to strictly follow their laws.
A three-member Supreme Court bench comprised of Justice Gulzar Ahmed and Justice Sh. Azmat Saeed and headed by the Chief Justice noted that whether a country was small or big, its sovereignty was important. The CJP said the Supreme Court neither wanted to block any foreign investment nor was it against it in any way, however, it required that foreign investments be subject to local laws.
"We welcome every foreign company in Pakistan but its agreements must be subject to our laws and not to its own dictations. We are a sovereign country and welcome such investments," the chief justice said.
Chief Justice Chaudhry further said that one could find businessmen in Balochistan who had no businesses running in the province.
The court directed Khalid Anwar, counsel for the Tethyan Cooper Company (TCC), a Canadian and Chilean consortium of Barrick Gold and Antofagasta Minerals, to conclude their arguments by Tuesday.
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Joy, what a freak show is in progress, Cautious I partially agree with you and totally disagree with Journey. How long does it take to understand what is Right, For God sake it is more than 2 years, the case is pending, give me a break. I really think the we must honour the agreement and after all Pakistan will get 52% of the profit which sounds good to me without investing a single rupee. In my knowledge it will be the best deal of Pakistan's Gold and Copper history.
thanks Mr. Naseer, to defend for your Company but none in the universe has this stance to con quire someone else's wealth, tethyan have claim that they have bought every one against them but today courts are independent and free to decide,
What CJ mentioned actually it should have been the rule from the beginning. There's hardly any country where a foreign investment contract written against or over riding local laws of the land. It's ironic that Pakistan side over look such a vital part of a contract. With the globalization n hunger for natural resources it's vital for countries like Pakistan to strengthen local laws for the protection of local natural resources and any exploitation by provincial governments, groups, parties, individuals must be held accountable as well the foreign investor.
@Cautious: Thanks for your "constructive " inputs , my Indian friend
Surely there is a template somewhere which can be simply downloaded and applied to foreign investment agreements? Is this something new for us?
Why must we make such heavy weather of everything?
If we behave this way, pontificating and threatening, is it small wonder that foreign inflows have dried up? How are we going to finance the balance of payments?
Sounds great - but Pakistan's judiciary is infamous for it's corruption which is why many foreigners have included provisions in their agreements requiring disputes to be decided by outsiders. Long and short - if the international arbitration rules against Pakistan that will place a de-facto lean on the project effectively eliminating any further foreign investment.