Pakistan government is going to challenge the verdicts of International Centre for Settlement of Investment Disputes (ICSID), said Minister for Power Division.
In June 2000 the government in power signed a joint venture with Pakistan getting 25% and BHP getting bulk 75%. It was in violation of the internationally established practice of sharing half revenues.
It is astounding that the Supreme Court judgment is being criticised due to an unfair award by the ICSID tribunal against Pakistan when that judgment is completely defensible.
The question for Pakistan now is what lesson can be learned from events that led to the ICSID Tribunal making a $5.9 billion award against the Government of Pakistan.
Pakistan has suffered at the hands of an unaccountable and defective dispute resolution mechanism at the hands of the ICSID, and following the examples of India, South Africa and Brazil, should never have become a part of the ICSID.