'The Tribunal has found no proven incident of Claimant (TCC) exercising, or attempting to exercise, improper influence on government officials aimed at obtaining rights or benefits relating to Claimant's investment in Pakistan,' says the ICSID
'We have lost Reko Diq case in both international court and ICSID
,' said Mr Alyani while concluding a debate on an adjournment motion on the ICSID
decision on Monday night.
In terms of legal recourse, Pakistan can challenge the ICSID
award by filing an application for annulment of this award.
The Attorney General for Pakistan (AGP) Office has issued PM Khan's statement, making it the first official response to the $5.976 billion penalty imposed on Pakistan by the ICSID
He said India, South Africa and Brazil are also not members of the ICSID
. He said the verdict of ICSID
is a clear proof of its shameful bias towards the developing economies.
awarded a $4.08bn penalty and $1.87bn in interest.
The World Bank's International Centre for Settlement of Investment Disputes (ICSID
) ruled against Pakistan in 2017, but until now had yet to determine the damages owed to Tethyan.
awarded a $4.08 billion penalty and $1.87 billion in interest.
had earlier announced a decision in favour of the Turkish firm over a rental power project which was awarded to the company during the Pakistan Peoples' Party (PPP) government's tenure, which was later discontinued on the order of the Supreme Court of Pakistan.
Officials said ICSID
has set June 30 as the deadline to deposit the security amount.
On Thursday, the website of ICSID
showed that the case was still pending, with the last entry made at the end of February when each party had filed a second submission of costs.