ICSID grants stay on enforcement of the award issued against Pakistan in the Reko Diq dispute

MG News | September 17, 2020 at 11:00 PM GMT+05:00

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September 17, 2020: The World Bank’s International Center for Settlement of Investment Disputes (ICSID) has granted a stay on the enforcement of the award issued against Pakistan in the Reko Diq dispute.

This is a success for Pakistan and its legal team, said a statement issued by Attorney General for Pakistan’s office.

On Sept 16 2020, the tribunal finally ruled in favour of Pakistan, confirming the stay on enforcement of the award.

ICSID is still considering Pakistan’s appeal against enforcing the penalty over its cancellation of the Reko Diq mining lease for TCC, a 50-50 joint venture of Barrick Gold Corporation of Australia and Antofagasta PLC of Chile and a final hearing will take place in May 2021.

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