The British Virgin Islands (BVI) high court has overturned an earlier verdict in the Reko Diq case.
The BVI High Court of Justice has ruled in Pakistan’s favor following a review appeal filed by the government in November 2020, in which TCC secured a US$6 billion award to be paid by Pakistan, around the sum of the IMF’s bailout package to Pakistan, and in turn sought the court to freeze its assets listed in BVS remits.
The assets of PIA were seized by BVS: Hotel Scribe Paris and The Roosevelt Hotel (Manhattan), however when a review petition was submitted by the Pakistani litigation team, the freeze was lifted, and the PIA assets were returned.
TCC would also be reimbursed for the country’s litigation expenditures expended in the review appeal, according to the top court.
The office of the Attorney General of Pakistan (AGP) described the decision as a “great legal triumph for PIA and Pakistan.”
