According to Attorney General of Pakistan, Khalid Jawed Khan The British Virgin Island High Court has ordered to unfreeze the offshore assets of Pakistan International Airlines including Roosevelt Hotel New York and Scribe Hotel Paris as settlement in the Reko Diq case, giving back control to the airline.
Accordingly, Court nominated Receiver has been removed from Roosevelt hotel, NY and Scribe hotel, Paris.
Both the Roosevelt Hotel in Manhattan, New York and Scribe Hotel in Paris, were previously seized by a court order in the British Virgin Islands (BVI) as settlement of the liability to the Tethyan Copper Company (TCC) to whom Pakistan had lost an international arbitration case after cancelling the contract that awarded them the Reko Diq gold and copper mines.
In late 2020, after being approached by TCC for enforcement of the $6 billion award in the Reko Diq case, the court had attached assets belonging to the Pakistan International Airlines Investment Limited (PIAIL) including Roosevelt Hotel in New York, Scribe Hotel in Paris, and froze 40% of PIA’s interest in Minhal Incorporated.
Pakistan has successfully defended the Reqo Diq case and resultantly got released the attached assets.
Attorney General of Pakistan has termed it as a ‘Great Legal Victory’
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