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Looted Pakistan shocks $ 5 billion fine

Looted Pakistan shocks $ 5 billion fine

There is another setback to Pakistan facing a huge cash crisis. An international arbitration court has imposed a fine of $ 5 billion 97 million on that. This fine is $ 4.08 billion in damages and $ 1.87 billion is included in the interest. This penalty has been imposed on Pakistan for Reco Dick Project. The court has imposed this penalty on Pakistan for rejecting a mining lease illegally.

Chethy's mining company and the company of Canada Barrick Gold Corporation, the company Tethyan Copper, filed a claim in the International Mediation Court. A decision on the petition filed before the World Bank's International Center for Settlement of Investment Disputes in 2012 has come. The government of Balochistan province of Pakistan rejected the company's Leasing Request.

 

In its 700-page verdict against Pakistan, the tribunal imposed a fine of US $ 4.08 billion and fined US $ 1.87 billion on Friday. The company claimed a loss of USD 11.43 billion. The case was going on for seven years between the Pakistan government and the company.

What is Reco Dick?
Reko Dick, in Balochi, means a small town in the Chagai district in Balochistan, near the sandy beaches, Iran and the border of Afghanistan. Reko Dick mine is famous for its huge gold and copper reserves and is believed to have the world's fifth largest gold deposit.

According to a report by Pakistan's newspaper Dawn, TCC completed a comprehensive and detailed Bankability feasibility study for the development of the mine in Reco Dekh during August 2010 and submitted the application for mining lease in February 2011.

The project was closed in November 2011, when the Balochistan government rejected the application by the local operations assistant of TCC for mining lease in relation to Reco Dick.

Imran Khan ordered inquiry

The then chief justice of the Supreme Court, Iftikhar Mohammad Chaudhary, in January 2013 had declared the Reco-Dick Agreement vacant and opposed the laws of the country.

According to the Washington-based International Monetary Fund (IMF), the decision of ICSID is a major blow to Pakistan, which is a "turning point", where it needs an ambitious and bold change of reforms.

Express Tribune reported that Pak Prime Minister Imran Khan issued orders to set up a commission and set up responsibilities to investigate the major damage done by Pakistan in the Reco-Dake case on Sunday.




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