ISDS Case Map
mining
It is astounding that the Supreme Court judgment is being criticised due to an unfair award by the ICSID tribunal against Pakistan when that judgment is completely defensible.
The question for Pakistan now is what lesson can be learned from events that led to the ICSID Tribunal making a $5.9 billion award against the Government of Pakistan.
Pakistan has suffered at the hands of an unaccountable and defective dispute resolution mechanism at the hands of the ICSID, and following the examples of India, South Africa and Brazil, should never have become a part of the ICSID.
Abolishing ISDS won’t solve all of the problems of global economic governance. But it seems a very good place to start.
This is a story of the dodgy deal by a multi national company and then earning massive amount of money through a World Bank institution acting against developing countries.
Australian company planned was to mine tantulum, but seventeen years later, the company is suing the Egyptian government for potentially hundreds of millions of dollars after the military regime blocked plans.
In the Reko Diq case registered by Tethyan Copper Company, the dollar-starved Pakistan has been slapped a penalty way beyond its reach by the World Bank-sponsored ICSID.
The Pakistan government has decided to challenge the award ICSID award that includes $4.08 billion penalty and $1.87 billion interest.
The International Center for Settlement of Investment Disputes (ICSID) of World Bank has rendered almost $6 billion (Rs950 billion) award against Pakistan in Reko Diq case.
Australian gold mining firm Kingsgate Consolidated is seeking negotiations with the new Thai government over the case in which it was ordered to cease mining operations in Phichit two years ago.
