Thanks to Prime Minister Imran Khan’s initiative, significant development has been made in the Reko Diq case.
The International Center of Settlement of Investment Disputes (ICSID) had slapped the country with a $6 billion penalty for revoking the contract without prior knowledge back in 2009.
Soon after the development, the Prime Minister had empowered his financial team to contact the executives of the Tethyan Copper Company (TCC) to reach an out-of-court settlement and avoid the penalty.
Reportedly, after the Pakistan authority’s approach, the company has not only agreed to take back the penalty but has also agreed to invest in the project again.
ریکو ڈک کمپنی ٹیٹھیان کو افتخار چوہدری کے سوموٹو نوٹس کیوجہ سے منصوبہ سے روک دیا گیا ۔ عالمی ثالثی فورم نے پاکستان کو 6 ارب ڈالر جرمانہ کیا ۔ وزیراعظم عمران خان کمپنی کے چیف ایگزیکٹو سے ملے ہرجانہ ختم کروادیا کمپنی نے دوبارہ کام پہ آمادگی ظاہر کردی
— MNA (@Engr_Naveed111) October 16, 2019
As per media reports, PM Imran Khan contacted the TCC management and discussed the prospects of the matter. He assured the company his full support if they wanted to revise the investment plan for the project.
The company will reportedly withdraw its appeal from the ICSID, while Pakistan will compensate for their damages due to the cancelation of the contract.
“The company is planning an aggressive future investment in Pakistan, as they think that the country has great potential for copper and gold. They are interested in starting from where they left,” a renowned TV anchor said on Thursday.
The reports are yet to be confirmed by the foreign investor or the government.