ISLAMABAD: The British Virgin Islands High Court has initiated proceedings to freeze Pakistani assets at the request of Tethyan Copper Company in the Rekodak case.
According to a statement issued by the Attorney General’s Office, the British Virgin Islands High Court, while initiating proceedings on the application of Tethyan Copper Company to freeze the assets of Pakistan, issued an order in which various assets of Pakistani institutions were attached to the case.
The Attorney General’s Office said that the British Virgin Islands High Court had ordered the freezing of assets without listening to Pakistan, adding that the government of Pakistan would use all possible means to defend Pakistan’s interests.
The International Center for Settlement of Investment Disputes (OCSED) had on July 12, 2019 ordered Pakistan to pay a fine of 5. 5.6 billion. The dollar guarantee was to be deposited in a foreign bank.
Following the expiration of the conditional restraining order, the Tethyan Copper Company filed a petition in the British Virgin Islands to freeze Pakistani national assets, which was initiated.