Daily Times
May 26, 2021
The British Virgin Island High Court has withdrawn orders to freeze the offshore assets of Pakistan International Airlines as settlement in the Reko Diq case, giving back control to the airline, a private TV channel reported.
Attorney General for Pakistan Khalid Jawed Khan shared a statement, calling it a “great level victory for Pakistan”. “Receiver removed from Roosevelt hotel, NY and Scribe hotel, Paris,” read the statement, referring to the hotels that PIA owns abroad and the control of which was sought as compensation against the cancellation of a copper and gold mining license.
Responding to the development, PIA said that justice had prevailed and thanked the people of the country for their prayers. “BVI [decided]in favour of PIA, releasing all hard earned assets i.e., Roosevelt NYC & Scribe Paris. Great victory for PIA and Pakistan. We won this together,” the airline said.
International court reverses judgement to freeze PIA assets in Reko Diq case
Pakistan
PIA s Roosevelt Hotel in New York. Twitter/PIA
The foreign assets of Pakistan International Airlines that were ordered frozen as settlement in the Reko Diq case have been given back to the carrier after the British Virgin Island High Court reversed its decision in this regard.
Attorney General for Pakistan Khalid Jawed Khan shared a statement, calling it a great level victory for Pakistan . Receiver removed from Roosevelt hotel, NY and Scribe hotel, Paris, read the statement, referring to the hotels that PIA owns abroad and the control of which was sought as compensation against the cancellation of a copper and gold mining license.
Great level victory for Pakistan as international court withdraws order to freeze PIA assets in Reko Diq case
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A PIA plane can be seen in this file photo.
The British Virgin Island High Court has withdrawn orders to freeze the offshore assets of Pakistan International Airlines as settlement in the Reko Diq case, giving back control to the airline.
Attorney General for Pakistan Khalid Jawed Khan shared a statement, calling it a great level victory for Pakistan . Receiver removed from Roosevelt hotel, NY and Scribe hotel, Paris, read the statement, referring to the hotels that PIA owns abroad and the control of which was sought as compensation against the cancellation of a copper and gold mining license.
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.