Pakistan government has won the billion dollar project Reko Diq case and reportedly all decisions against the Pakistan International Airlines Corporation have been nullified.
The national airline also got hold he ownership of the Roosevelt Hotel in New York and Scribe Hotel in France.
In a major development, the national airline whose billion-dollar assets were pledge owing to multiple reasons, has now got big relief from the international court.
BVI High Court’s Justice Gerhard Wallbank, while passing the order on December 10, 2020, had attached the assets belonging to the PIA Investment Limited, including the company’s interests in the two hotels.
“A short while ago, [the] judgment was announced by British Virgin Island High Court. Great legal victory for PIA and Pakistan,” read a statement issued by the Attorney General for Pakistan’s (AGP) office. “The order was passed earlier on the request of TCC which was seeking enforcement of Reko Diq award,” it added.
“All orders passed against PIA earlier are now recalled by the Court. Receiver removed from Roosevelt hotel, NY and Scribe hotel, Paris. Cost of litigation also awarded.”
Prime Minister Imran Khan has appreciated the efforts of the international disputes unit and the office of the AGP.
It is pertinent to mention that the Roosevelt Hotel was a historic hotel located at 45 East 45th Street (between Madison Avenue and Vanderbilt Avenue) in Midtown Manhattan, Manhattan, New York City. Named in honor of President Theodore Roosevelt, the Roosevelt opened on September 22, 1924. It closed as a result of the economic impact of the COVID-19 pandemic on December 18, 2020.