Pakistan loses another international legal battle; slapped with $21m penalty
Govt official says will challenge verdict at higher forum
ISLAMABAD:
Pakistan has lost another legal battle at the international forum as the London Court of International Arbitration (LCIA) awarded a penalty of $21 million (Rs2.92 billion) to the country in the infamous Broadsheet LLC case.
Talking to
The Express Tribune, a senior government official confirmed that contrary to the claim of billions of rupees, the LCIA has awarded a penalty of $21 million to Pakistan.
“Now, we will challenge the verdict as we are confident that the award of $20 million penalty will be quashed by the higher forum,” he further stated. It is learnt that consultation has been going on with different international legal firms to get their opinion on the fine.
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Modern Diplomacy
Published 3 months ago
Geopolitical risks coupled with a second wave of the pandemic across the globe, waning activism from the largest economies in launching anti-crisis measures do not seem to be countered sufficiently by forceful drivers that would be supportive for the markets, writes Valdai Club Programme Director Yaroslav Lissovolik.
On the global scene, the support for the markets has been undermined by waning anti-crisis stimuli from the main centres of the world economy. In the case of the US the current political scene is making it increasingly difficult for the Democrats and Republicans to agree on a new stimulus package. In the case of China, the rate of recovery throughout the past months as well as the successful containment of the spreading of the pandemic limit the need for new anti-crisis measures.