In 2019, the ICSID tribunal had given an award over $6 billion against Pakistan to the TCC. At the same time, the London Court of Arbitration also imposed another $4 billion fine on Pakistan.
Pakistan and Tethyan Copper Company (TCC) have agreed over 50 percent shares, likely paving way for averting a multi-billion-dollar fine imposed on Pakistan.
Pakistan and Barrick Gold PLC Canada are said to have started negotiations to settle the dispute on Reko Diq as Antofagasta of Chile is seeking financial settlement of their share in the award of $6 billion.
An UAE-based trading and investment firm has filed a lawsuit before the Sindh High Court worth around Rs 74 billion against the State Bank of Pakistan and a private bank for BIT breach, local media reported.
Under the new template, federal government would not be liable for private investor disputes. Mediation would be made compulsory, while foreign arbitrators would be decided in advance through consensus.
Pakistan will renegotiate all bilateral investment treaties (BITs) on the basis of new BIT template being finalised by the government, a top official of the Board of Investment said.