Daily Times

The British Virgin Island High Court has withdrawn orders to freeze the offshore assets of Pakistan International Airlines as settlement in the Reko Diq case, giving back control to the airline, a private TV channel reported.

Attorney General for Pakistan Khalid Jawed Khan shared a statement, calling it a “great level victory for Pakistan”. “Receiver removed from Roosevelt hotel, NY and Scribe hotel, Paris,” read the statement, referring to the hotels that PIA owns abroad and the control of which was sought as compensation against the cancellation of a copper and gold mining license.

Responding to the development, PIA said that justice had prevailed and thanked the people of the country for their prayers. “BVI [decided]in favour of PIA, releasing all hard earned assets i.e., Roosevelt NYC & Scribe Paris. Great victory for PIA and Pakistan. We won this together,” the airline said.

PIA CEO Air Marshal Arshad Malik sais the airline’s valuable assets had been secured, termed the development a “great victory for Pakistanis”.

Minister of State for Information and Broadcasting Farrukh Habib said the High Court of British Virgin Islands had recalled all of its earlier orders, passed against the Pakistan International Airlines (PIA) in the Reko Diq case. In a tweet, he congratulated the entire nation on such a great legal victory for the PIA and Pakistan. “Congratulations Pakistan! British Virgin Island High court has announced a verdict in favor of PIA. In Reko Diq case, all orders passed against PIA earlier are removed now. Receiver removed from Rosevelt hotel in NY [New York], Scribe hotel in Paris and cost of litigation is awarded,” he tweeted

In November 2020, the TCC had approached the BVI High Court of Justice for enforcement of the $6 billion award in the Reko Diq case and on December 16, the court, through an ex parte order, 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.