The High Court (HC) of the British Virgin Islands has ruled in favor of Pakistan in Reko Diq case and ordered to restore all the frozen assets of PIA.
The high court of the British Virgin Islands (BVI) has 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.
The British Virgin Islands High Court has rejected the Tethyan Copper Company s plea and ordered it to pay Pakistan s legal costs in the case. Receivers at Roosevelt Hotel New York and Scribe Hotel Paris have been removed following the court ruling.
A statement issued by the Attorney General said that all the decisions against PIA in the Reko Diq case have been reversed, this decision is our great victory. The British Virgin Islands High Court has ruled in favor of Pakistan, he added.
Attorney General of Pakistan (AGP) office said judgment is a “Great legal victory for PIA and Pakistan”.
