The High Court of Justice in the British Virgin Islands (BVI) resumed the hearing of a case relating to the enforcement of a $5.97 billion award against Pakistan on Thursday.
In this regard, in addition to the government’s own legal team, Pakistani BVI companies have also appointed their team separately to appear before the BVI court and contest the case.
The office of attorney general for Pakistan (AGP) had earlier stated that the government would vigorously pursue the proceedings initiated by TCC in any jurisdiction and the government reaffirmed its commitment to protecting the national assets wherever they might be located.
Tethyan Cooper Company (TCC) had on Nov 20, 2020, approached the High Court of Justice for enforcement of the $5.97bn award against Pakistan by the InternaÂtional Centre for Settlement of Investment Disputes (ICSID) in Reko Diq litigation on July 12, 2019.
The BVI high court had through an ex parte order on Dec 16, 2020, attached the assets belonging to Pakistan International Airlines Investment Limited (PIAIL), including the company’s interests in two hotels namely Roosevelt Hotel in Manhatten, New York, and Scribe Hotel in Central Paris, and frozen 40 per cent interest of PIA in a third entity, Minhal Incorporated.
According to a report by Dawn which quoted a source privy to the development, Pakistan would also oppose the appointment of a receiver by the BVI court which had appointed the receiver on an interim basis in its Dec 16 order.
