Reko Dik awards: BVI High Court unfreezes PIA’s assets, keeps $6 bn award intact
By
File photo
LONDON: The High Court of Justice in the British Virgin Islands (BVI) has lifted the attachment orders on PIA’s offshore assets Roosevelt Hotel in Manhattan, Scribe Hotel in Central Paris and Minhal Incorporated in the US$6 billion Reqo Diq case against Pakistan, according to Attorney General of Pakistan’s office.
The News has learnt that the High Court judge lifted the receivership and didn’t make any final determination whether the PIA could be held accountable for the debt owed by Pakistan. The court sources said that the injunction prohibiting the sale of the assets remains in place, while the Claimant Tethyan Copper Company (TCC) was granted leave to appeal.
Daily Times
May 26, 2021
The British Virgin Island High Court has withdrawn orders to freeze the offshore assets of Pakistan International Airlines as settlement in the Reko Diq case, giving back control to the airline, a private TV channel reported.
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.
Responding to the development, PIA said that justice had prevailed and thanked the people of the country for their prayers. “BVI [decided]in favour of PIA, releasing all hard earned assets i.e., Roosevelt NYC & Scribe Paris. Great victory for PIA and Pakistan. We won this together,” the airline said.
International court reverses judgement to freeze PIA assets in Reko Diq case
Pakistan
PIA s Roosevelt Hotel in New York. Twitter/PIA
The foreign assets of Pakistan International Airlines that were ordered frozen as settlement in the Reko Diq case have been given back to the carrier after the British Virgin Island High Court reversed its decision in this regard.
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.
Great level victory for Pakistan as international court withdraws order to freeze PIA assets in Reko Diq case
By
A PIA plane can be seen in this file photo.
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.