The British Virgin Islands high court rejected the TCC plea for attachment of the Pakistan International Airlines assets but also imposed a $5 million cost as well as $50,000 penalty on the company.
The British Virgin Islands High Court ruled in favour of Pakistan in a case initiated by TCC for attachment of assets belonging to the Pakistan International Airlines, as part of its efforts for the enforcement of the Reko Diq award.
Pakistan is the latest to start withdrawing from international treaties that give corporations the power to sue governments over environmental and public interest regulations.
Pakistan has reportedly decided to scrap most of its existing Bilateral Investment Treaties as these pacts are shrinking the government’s policy space with respect to adopting measures of public interest.
A Virgin Islands court has frozen shares in two hotels belonging to Pakistan’s national airline to enforce a $6 billion award levied through the World Bank’s ICSID.