(Sindh Tribune) : Pakistan has obtained a restraining order against a $6 billion fine imposed by an international arbitration tribunal on a multibillion-dollar Rekodak project in Balochistan province, according to Attorney General of Pakistan Khalid Javed. The move has given the country until May 2021 relief in the payment of fines.
In July last year, the International Arbitration Tribunal imposed a $6 billion fine on Pakistan for canceling a mining lease of a joint Australian-Chilean mining company.
Pakistan was asked to pay the mining company 4 billion in damages and an additional 1. 1.7 billion.
However, Pakistan has now obtained a permanent restraining order from the arbitration tribunal against the decision, which some quarters are calling a major achievement.
Speaking to the media, the Attorney General of Pakistan said that after this decision, Pakistan will now move forward under a new legal strategy.
Find out what this new strategy will be and how useful this stay order is for Pakistan.
During this time, Pakistan changed its legal strategy and teams of lawyers several times, but the result was still against Pakistan. However, now that the restraining order has been obtained by May 2021, Pakistan has once again started working on a new strategy.
*Where is Riqo Diq & Controversy between GOB and TCC.
Rekodak is located in the Chaghi district of Balochistan, which shares a long border with Iran and Afghanistan. According to some reports, Recodic is one of the largest deposits of copper and gold in Pakistan and one of the largest reserves in the world.
Near Rekodak is Sendak, where a Chinese company has been working on copper and gold deposits for more than a decade. Geologists call Chaghi a 'show case' of minerals due to the discovery of a large number of other minerals in Chaghi along with other deposits of copper and gold.
There were reservations about Rekodak in some political circles in Balochistan. These circles have been expressing the view that the interests of the people of Balochistan were not taken into account in the Rekodak agreement.
The agreement was first challenged in the Balochistan High Court, but the High Court dismissed the case and later appealed to the Supreme Court against the High Court's decision.
A bench headed by former Chief Justice of the Supreme Court Iftikhar Muhammad Chaudhry annulled the agreement reached with the TCC for violating the rules. Following the Supreme Court's decision, the TCC again approached the Balochistan government for a mining license.
The then Balochistan government had stipulated for the license that the company would not take the minerals extracted from here abroad for refining. In addition to the condition of refinery in Chaghi, the government also laid down the condition of increasing the share of Balochistan.
The Balochistan government has imposed these conditions on Balochistan as there has been no significant benefit from the Sendak project.
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