Soon after the verdict by the International Canter for Settlement of Investment Disputes (ICISD) on Reko Diq’s case, Prime Minister Imran Khan has directed to form a commission on an immediate basis to investigate and fix responsibility for the huge penalty imposed by the court on Pakistan. The court has finalized a penalty of 5.976 billion USD, which is divided into two parts, 4.08 billion USD as ‘penalty’ and 1.87 billion as ‘interest’.
The order of the premier was moved via press release issued by the attorney general’s office on Sunday which said, “The prime minister has directed formation of a commission to investigate into the reasons as to how Pakistan ended up in this predicament; who were responsible for making the country suffer such a loss and what are the lessons learned, so that mistakes made are not repeated in the future,”
It further said that “The Government of Pakistan notes with disappointment the Award by a Tribunal of International Centre for Settlement of Investment Disputes (ICSID) in the matter of Tethyan Copper Company (TCC) vs. the Islamic Republic of Pakistan. The Tribunal has rendered an award of US$ 4.08 billion in favor of TCC against their claim of US$ 8.5 billion,”
The statement also hinted for legal proceedings against the ruling as, “For now, the government of Pakistan reserves its right to pursue any and all legal remedies available to it under the ICSID regime, international law, and all other relevant laws to safeguard its interests,”
The initial claim filed by the TCC was for 11.43 billion USD, the company also claimed that it had invested 220 million USD in the project. Pakistan is likely to submit a review petition on the said decision which would take around 2 to 3 years to announce the verdict.