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.
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.