The high court of the British Virgin Islands (BVI) has voided the earlier verdict in the Reko Diq case.
The BVI High Court of Justice has ruled in favor of Pakistan after a review appeal the country submitted on the Nov 2020 verdict in which TCC had won an award of US$6 billion, about the size of IMF’s bailout package to Pakistan, to be paid by Pakistan and in turn asked the court to freeze its assets registered in BVS remits.
BVS then had frozen the assets of PIA: Hotel Scribe Paris and The Roosevelt Hotel (Manhattan) but a review petition then filed by the Pakistani litigation team has now won the PIA assets back as the freezing has been axed.
Moreover, the high court has further ruled the litigation expenses incurred by the country in the reveiw appeal will also be recompensed by TCC.
Attorney General of Pakistan (AGP) office said judgment is a “Great legal victory for PIA and Pakistan”.