Islamabad [Pakistan], May 27 (ANI): A British Virgin Islands (BVI) High Court on Tuesday released the frozen assets of Pakistan International Airlines (PIA) hotels in Paris and Manhattan from a USD 6 billion pay-out to Tethyan Copper Company (TCC) in Reko Diq case verdict reversal.
BVI court releases frozen assets of Pak airlines
ANI
27 May 2021, 20:55 GMT+10
Islamabad [Pakistan], May 27 (ANI): A British Virgin Islands (BVI) High Court on Tuesday released the frozen assets of Pakistan International Airlines (PIA) hotels in Paris and Manhattan from a USD 6 billion pay-out to Tethyan Copper Company (TCC) in Reko Diq case verdict reversal.
Following the historic legal victory, PIA has again received ownership of its hotels located in the US and France and other properties, reported Pakistan Today.
BVI High Court Justice Gerhard Wallbank, while passing the order on December 10, 2020, had attached certain assets belonging to PIA, including the company s interests in two hotels Roosevelt Hotel in Manhattan, New York, and Scribe Hotel in central Paris - as well as the erstwhile frozen 40 per cent interest of PIA in a third entity, Minhal Incorporated.
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Virgin Islands court unfreezes PIA assets in Reko Diq caseInternational 2021-05-26, by Editor Comments Off 2
ISLAMABAD: The High Court of Justice in the British Virgin Islands (BVI) has recalled its earlier orders regarding attachment of PIA offshore assets in the Reko Diq case against Pakistan.
BVI High Court Justice Gerhard Wallbank, while passing the order on December 10, 2020, had attached certain assets of PIA.
The court had attached the assets belonging to Pakistan International Airlines Investment Limited (PIAIL), including the company’s interests in two hotels Roosevelt Hotel in Manhattan, New York, and Scribe Hotel in Central Paris.
In view of the injunction, PIA could not sale any of these hotels.
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.