Pakistan

International court withdraws order to freeze PIA assets in Reko Diq case

The British Virgin Island High Court has withdrawn orders to freeze the offshore assets of Pakistan International Airlines as settlement in the Reko Diq case, giving back control to the airline.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.

In November 2020, the TCC approached the BVI High Court of Justice for enforcement of the $6 billion award in the Reko Diq case and on December 16, the court, through an ex parte order, had attached assets belonging to the Pakistan International Airlines Investment Limited (PIAIL) including Roosevelt Hotel in New York, Scribe Hotel in Paris, and froze 40% of PIA’s interest in Minhal Incorporated.

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