Foreign Company Agrees to Drop $6 Billion Penalty, Re-Invest in Reko Diq - Reports - Android

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Foreign Company Agrees to Drop $6 Billion Penalty, Re-Invest in Reko Diq - Reports - Android

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Thanks to Prime Minister Imran Khan’s initiative, significant development has been made in the Reko Diq case. The International Center… Read More

The post Foreign Company Agrees to Drop $6 Billion Penalty, Re-Invest in Reko Diq: Reports appeared first on .

Thanks to Prime Minister Imran Khan’s initiative, significant development has been made in the Reko Diq case.

The International Center of Settlement of Investment Disputes (ICSID) had slapped the country with a $6 billion penalty for revoking the contract without prior knowledge back in 2009.

Soon after the development, the Prime Minister had empowered his financial team to contact the executives of the Tethyan Copper Company (TCC) to reach an out-of-court settlement and avoid the penalty.

Reportedly, after the Pakistan authority’s approach, the company has not only agreed to take back the penalty but has also agreed to invest in the project again.