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Monday, April 15, 2024

PIA Roosevelt, Scribe hotel among other assets unfrozen

Pakistan won case against Tethyan Copper Company as British Virgin Island Court recalls attachment of country's assets. The assets were frozen because Pakistan failed to enforce Reqo Diq $6b penalty.

High Court of Justice in the British Virgin Islands (BVI) recalled its earlier order of freezing and attachment of Pakistan International Airlines (PIA) offshore assets which pertained to an appeal of Tethyan Copper Company (TCC) regarding enforcement of the award in the Reko Diq case.

The development was confirmed by the Attorney General for Pakistan office on Tuesday which through a text message apprised the media persons about the latest outcome in favour of Pakistan.

Read more: PIA-owned Roosevelt Hotel in New York forced to shut down after historic 100 years

The message said “A short while ago judgment was announced by British Virgin Island High Court. Great legal victory for PIA and Pakistan. The order was passed earlier on the request of TCC which was seeking enforcement of Reko Diq award. All orders passed against PIA earlier are now recalled by the Court. Receiver removed from Roosevelt hotel, NY and Scribe hotel, Paris. Cost of litigation also awarded.”

PIA on its official twitter account posted, “Justice prevails! By the grace of Allah and with the prayers of all our countrymen, courts in BVI decide in favour of PIA, releasing all hard earned assets i.e., Roosevelt NYC & Scribe Paris. Great victory for PIA and Pakistan.”

According to details, BVI High Court Justice Gerhard Wallbank, on December 10 last year, had issued an order in favour of attachment of offshore assets of PIA. The case was moved by the Tethyan Copper Company (TCC) which was seeking enforcement of Reko Diq award granted by the International Centre for Settlement of Investment Disputes (ICSID) on July 12, 2019.

Courtesy: APP