Virgin Islands court unfreezes PIA assets in Reko Diq caseInternational 2021-05-26, by Editor Comments Off 2
ISLAMABAD: The High Court of Justice in the British Virgin Islands (BVI) has recalled its earlier orders regarding attachment of PIA offshore assets in the Reko Diq case against Pakistan.
BVI High Court Justice Gerhard Wallbank, while passing the order on December 10, 2020, had attached certain assets of PIA.
The court had attached the assets belonging to Pakistan International Airlines Investment Limited (PIAIL), including the company’s interests in two hotels Roosevelt Hotel in Manhattan, New York, and Scribe Hotel in Central Paris.
In view of the injunction, PIA could not sale any of these hotels.
BVI High Court recalls its order, unfreezes PIA offshore assets Wed 26th May 2021 | 12:20 AM
ISLAMABAD, (UrduPoint / Pakistan Point News - 26th May, 2021 ) :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 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.
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.
May 25, 2021
BRITISH VIRGIN ISLAND: The high court of the British Virgin Islands (BVI) has Tuesday voided the earlier verdict in the Reko Diq case wherein PIA hotels in Paris and Manhattan were frozen as the country was liable to pay out a whopping US$6 billion to Tethyan Copper Company (TCC) and released PIA assets registered by BVS company, ARY News reported.
The BVI High Court of Justice has ruled in favor of Pakistan after a review appeal the country submitted on the Nov 2020 verdict in which TCC had won an award of US$6 billion, about the size of IMF’s bailout package to Pakistan, to be paid by Pakistan and in turn asked the court to freeze its assets registered in BVS remits.
Virgin Islands court unfreezes PIA assets in Reko Diq case
AGP office says judgement announced by BVI High Court is a ‘great legal victory for Pakistan’
The Roosevelt Hotel in New York. PHOTO: FILE
ISLAMABAD:
The High Court of Justice in the British Virgin Islands (BVI) on Tuesday decided the Pakistan International Airlines would retain its two assets Roosevelt Hotel in New York and Scribe Hotel in Central Paris retracting its earlier order to attach these properties with the enforcement of Reko Diq penalty on the request of the Tethyan Copper Company (TCC).
BVI High Court’s Justice Gerhard Wallbank, while passing the order on December 10, 2020, had attached the assets belonging to the PIA Investment Limited, including the company’s interests in the two hotels.