thenews.com.pk 18 Sep, 2020 03:45 am

World Bank stays enforcement of award

World Bank stays enforcement of award
ISLAMABAD: The World Bank’s International Centre for Settlement of Investment Disputes has granted a stay on enforcement of the award issued against Pakistan in the Reko Diq dispute. This is...

September 18, 2020 Home Today's Paper Top Story Reko Diq dispute: World Bank stays enforcement of award Top Story September 18, 2020 ISLAMABAD: The World Bank’s International Centre for Settlement of Investment Disputes (ICSID) has granted a stay on enforcement of the award issued against Pakistan in the Reko Diq dispute.Immediately thereafter, the TCC commenced proceedings for enforcement of the award.On September 16, 2020, the tribunal finally ruled in favour of Pakistan, confirming the stay on enforcement of the award.The ICSID is still considering Pakistan’s appeal against enforcing the penalty over its cancellation of the Reko Diq mining lease for TCC, a 50-50 joint venture of Barrick Gold Corporation of Australia and Antofagasta PLC of Chile, and a final hearing will take place in May 2021.

In July 2019, an ICSID Tribunal granted an award of nearly $6 billion against Pakistan for denying a mining lease to an Australian company, Tethyan Copper Company (TCC).Latest News Pakistan, China Discuss Transport Cooperation Under CPEC Queen Elizabeth Could Snatch Meghan Markle, Prince Harry's Newfound Freedom In Six Months Vikram Bhatt On Bollywood's Massive Drug Addiction: 'Drugs Are Offered In Trays At Parties' Shilpa Shetty To Clear The Air On Cheating Allegations Against Her And Husband Raj Kundra Ishaan Khatter Defends Racist Song 'Beyonce Sharma Jayegi:' If Anything, It’s Flattering Demi Lovato's Friends Concerned About Her Hasty Decision To Marry Max Ehrich 'High School Musical' Star Ashley Tisdale Expecting First Child Chrissy Teigen Accidentally Reveals The Sex Of Her Baby With John Legend Gigi Hadid Takes Internet By Storm With Rare Glimpse Of Baby Bump Ahead Of Birth 'KUWTK' Starts Premiering Tonight, Kim Kardashian Shares Much-awaited Teaser Facebook Curbs Content On Private Groups Spreading Misinformation

Read full story at thenews.com.pk