Posted Jan 8, 2021, 3:03 AM
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Join Date: Jul 2001
Location: Borough of Jersey
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https://en.baaghitv.com/pia-assets-f...-hands-of-bvi/
PIA assets face huge loss at the hands of BVI
By Mehreen Saqib
Jan 7, 2021
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Baaghi TV: The British Virgin Island Court, where PIA is registered, has ordered the freezing of PIA assets including its two international hotels.
According to reports, this is in the Riko Diq copper mine case with Tethyan Copper Company (TCC). Tethyan Copper Company (TCC) had on Nov 20, 2020, approached the High Court of Justice for enforcement of the $5.97 bn awards against Pakistan by the International Centre for Settlement of Investment Disputes (ICSID) in Reko Diq litigation on July 12, 2019.
The BVI high court had ordered through an ex parte on Dec 16, 2020, to attach the assets belonging to Pakistan International Airlines Investment Limited (PIAIL), including the company’s interests in two hotels namely Roosevelt Hotel in Manhatten, New York, and Scribe Hotel in Central Paris, and freeze 40 per cent interest of PIA in a third entity, Minhal Incorporated.
The source said that besides the government’s own legal team, Pakistani BVI companies had also appointed their team that will appear before the BVI court and contest the case.
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Quote:
The source also said that Pakistan would oppose this move. The BVI court had in its Dec 16 order appointed the receiver on an interim basis.
According to media reports, the receiver, Paul Pretlove of Kalo Advisors, is expected to ensure that the hotels are not sold below the market rate and secure the proceeds of any sale that takes place.
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