In the Rekodak case, the process of freezing the assets of Pakistani institutions began

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.

Join Our WhatsApp Group

Raabta WebDesk

Raabta is the largest independent news publisher in Pakistan. Already a leader in Science & Technology, Raabta is bringing the same expertise and comprehensive coverage to Education, Business, startups, sports, and many other fields.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Please allow ads to run on our site

It looks like you're using an ad blocker or some other service to block ads. We rely on advertising to run our site. Please support Raabta and allow ads.