BVI High Court Recalls Its Order, Unfreezes PIA Offshore Assets
Umer Jamshaid 20 days ago 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 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.
Receiver removed from Roosevelt hotel, NY and Scribe hotel, Paris. Cost of litigation also awarded."PIA on its official twitter account posted, "Justice prevails! By the grace of Allah and with the prayers of all our countrymen, courts in BVI decide in favour of PIA, releasing all hard earned assets i.e., Roosevelt NYC & Scribe Paris. Great victory for PIA and Pakistan."According to details, BVI High Court Justice Gerhard Wallbank, on December 10 last year, had issued an order in favour of attachment of offshore assets of PIA. The case was moved by the Tethyan Copper Company (TCC) which was seeking enforcement of Reko Diq award granted by the International Centre for Settlement of Investment Disputes (ICSID) on July 12, 2019.