Wednesday, March 3, 2021

Featured News

Impoverished Pakistan Slapped With Whopping $5.9 Billion Penalty By ICSID

The International Center for Settlement of Investment Disputes (ICSID) has imposed a whopping penalty of $5.976 billion against Pakistan in its 700-page ruling. The ICSID awarded a $4.08 billion penalty and $1.87 billion in interest. 

High Risk for Companies Investing in One Belt One Road Projects (OBOR)?

The International Centre for Settlement of Investment Disputes (ICSID) is an international arbitration institution to settle legal dispute resolution and conciliation between international investors. The ICSID is part of and funded by the World Bank Group and is an autonomous, institution.

Sources privy to the development claim that Pakistan has decided to challenge the decision before an international court by filing a revision application, sources said. Tethyan Copper Company’s (TCC) management had claimed $11.43 billion in damages.

The company filed claims for international arbitration before the ICSID in 2012 after the Balochistan government turned down a leasing request from the company.

The lawsuit between the government of Pakistan and the international company lasted for as many as seven years. The Supreme Court of Pakistan under its chief justice of Pakistan Iftikhar Chaudhry terminated the deal in 2013. The tribunal, earlier, held the view that Pakistan is mandated to pay damages for breach of contract.

Featured News

Why F-15EX Is A Better Option Than F-35 Stealth Jets For The Indian Air Force?

As the US is offering F-15EX jets to the Indian Air Force, many experts have suggested that that the Boeing F-15EX jets could be...

US Media Calls India’s LCA Tejas ‘Much More Reliable’ Than Chinese Fighter Jets

India's homegrown fourth-generation Tejas MK1A fighter jets are believed to be more reliable than Chinese combat aircraft, according to a report by US Magazine.Developed...

Did Russian Iskander Missiles & Indian Radars Fail To Protect Armenia From The Jaws Of Azerbaijan?

Armenian PM Nikol Pashinyan’s remarks on why the Russian-made Iskander ballistic missiles did not explode during the Nagorno-Karabakh conflict created a sensation in the...

Tested In Syria, Russia’s Very Own Combat Drone ‘Orion’ Ready For Action: Watch Now

Russia has offered a sneak peek at the capabilities of its medium-altitude, long-duration Orion unmanned aerial vehicle (UAV) with the country releasing a video,...

India’s Ambitious AK-203 Manufacturing Deal With Kalashnikov Is Hanging Fire

India’s plan to indigenously manufacture AK-203 modern assault rifles is hanging fire, and the government has no answer as to when exactly the production...