BVI High Court recalls its order, unfreezes PIA offshore assets 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 development was confirmed by the Attorney General for Pakistan office on Tuesday which through a text message apprised the media persons about the latest outcome in favour of Pakistan.
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.
Virgin Islands court unfreezes PIA assets in Reko Diq case
AGP office says judgement announced by BVI High Court is a ‘great legal victory for Pakistan’
The Roosevelt Hotel in New York. PHOTO: FILE
ISLAMABAD:
The High Court of Justice in the British Virgin Islands (BVI) on Tuesday decided the Pakistan International Airlines would retain its two assets Roosevelt Hotel in New York and Scribe Hotel in Central Paris retracting its earlier order to attach these properties with the enforcement of Reko Diq penalty on the request of the Tethyan Copper Company (TCC).
BVI High Court’s Justice Gerhard Wallbank, while passing the order on December 10, 2020, had attached the assets belonging to the PIA Investment Limited, including the company’s interests in the two hotels.