Efforts under way to get Reko Diq case penalty cancelled: AG Khalid Jawed Khan.

Byline: Nasir Iqbal

ISLAMABAD -- Attorney General Khalid Jawed Khan has said that Pakistan's foremost effort in the Reko Diq mining case is to secure annulment of the $5.9 billion penalty by getting the interim stay given by the InternaAtional Centre for Settlement of Investment Disputes converted into a permanent injunction in view of its serious financial implications for the country.

During an interaction with the media at the office of the Press Association of the Supreme Court, AG Khan said he was proceeding abroad to pursue the issue given the fact that Pakistan had to make a series of commitments with the International Monetary Fund (IMF) to secure almost a similar amount of $6bn.

The financial implications would have a devastating effect on the country's economic stability and at stake were Pakistan's assets in other countries which could be attached if the country lost the case, the AG feared.

'During my meeting with Prime Minister Imran Khan on Tuesday, we also discussed the matter along with other issues,' the AG said, adding that the premier was also concerned. He said they also discussed a number of other arbitration cases at different international forums.

AG Khan said his first priority would be to settle cases concerning national security and state revenue.

The AG had informed a 10-judge full court of the SC earlier this week that he would have to leave abroad between March 15 and 20 to attend to some important international obligations.

Pakistan-Tethyan Copper Company Pvt Ltd (TCC), a joint venture of Canadian Barrick Gold and Chilean Antofagasta Minerals, has approached relevant international forums for the enforcement of the $5.9 billion penalty imposed by the ICSID against Pakistan last year.

A special three-member tribunal is expected to be constituted by the ICSID to take up the annulment request of Pakistan next month and decide whether the provisional stay should be extended or rejected.

In its annulment request, Pakistan has taken the plea that the calculated damages were based on a projected 56-year operating period for the mine when it had not issued any lease or permit for such a long period.

If the government manages to get the provisional stay granted by the ICSID's secretary general in November 2019 converted into a permanent injunction, Pakistan will be able to focus attention towards getting revision of the Reko Diq case.

On July 12, 2019, the World Bank tribunal called the ICSID had slapped a whopping $5.97...