The ICSID award includes a $4.08 billion penalty and $1.87 billion in interest to Tethyan Copper Company (TCC), a joint venture between Chile's Antofagasta Plc and Canada's Barrick Gold, the Chilean miner. Express Tribune | 24 June 2018. The World Bank's International Center for Settlement of Investment Disputes (ICSID) has granted Pakistan a stay order in the Reko Diq case in which the country was slapped with a $6 billion fine. In November 2019, Pakistan challenged the Award and initiated proceedings seeking its annulment and was granted a provisional stay upon initiating annulment proceedings. First Capital Securities Corporation(FCSC), Fatima Fertilizer Company Limited(FATIMA), Invest Capital Investment Bank Limited(ICIBL), Ghazi Fabrics International Limited(GFIL), First Dawood Investment Bank Limited(FDIBL). ISLAMABAD : Chairman China-Pakistan Economic Corridor Authority retired Lieutenant General Asim Saleem Bajwa has said Reko Diq stay order by World Bank tribunal on 6 billion US dollars award against Pakistan is a great relief.As per media reports he It is a suspension of a case or a suspension of a particular proceeding within a case. A stay order refers to the act of temporarily stopping a judicial proceeding through the order of a court. 2020 © Business Recorder. ICSID grants Pakistan six months stay order in Reko Diq case. “Reko Diq: Stay order by World Bank tribunal on $ 6Bn award versus Pakistan is great relief,” said Bajwa in a tweet post on Friday. You talk to any lawyer and he will tell you that the easiest and quickest thing to get from the court is the Stay Order, especially on property issues. Such an order prohibits commencement of any proceeding for execution of the said decree. By Hasnaat Malik. In a major success, the World Bank’s International Center for Settlement of Investment Disputes has granted a stay on enforcement of the Award issued against Pakistan in the Reko Diq dispute. LAHORE: As many as 900 Pakistan International Airlines (PIA) employees have been reinstated following stay orders. Cancel Orders. If you need a longer stay period in Pakistan you, may apply for a new visa before you go and we will cancel the current visa or you may extend the visa in Pakistan 15 days prior to the expiry. I am not a legal expert but to the best of my knowledge ‘Stay Orders’ are normally issued by courts to provide temporary relief to either party, followed by detailed proceedings, where guilt or innocence is established. Committee of International Arbitration Tribunal has issued a stay order on the request of Pakistan in Reko Diq case. This is a success for Pakistan and its legal team said a statement issued by Attorney General for Pakistan’s office. He said Pakistan Tehreek-i-Insaf’s leaders in Sindh were politicising the issue just to milk the situation to their political advantage. In view of the foregoing there is a dire need to review the system of obtaining stay orders especially on property related issues. Categories. On Thursday, the World Bank tribunal had granted Pakistan a stay order of six months in the Reko Diq case in which the country was slapped with a $6 billion fine.. On Thursday, the World Bank tribunal had granted Pakistan a stay order of six months in the Reko Diq case in which the country was slapped with a $6 billion fine. For example, CDA to date has not been able to get some portion of its F 11/4 Sector vacated. If the tenant does not want to vacate, he can go to the court and get a stay order, although the courts do invariably issue eviction orders in favour of the owner, yet just look at the time, effort and money that has been wasted. 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