The Supreme Court declared the new agreement of Recodec legal

Canada Global (Web News) A five-member bench of the Supreme Court, headed by Chief Justice of Pakistan Justice Umar Atta Bandial, comprising Justice Ijaz-ul-Ahsan, Justice Muneeb Akhtar, Justice Yahya Afridi and Justice Jamal Khan Mandukhel, announced its opinion on the reference sent by President Arif Alvi.

What did

The President had asked the Supreme Court whether the new agreement on Rekodic project is legally protected under the Constitution of Pakistan and international arbitration.

Canadian company Barrick Gold Last March, it resumed work on the mining project under a new agreement, ending a long-running dispute with Pakistan.

The Supreme Court’s opinion will protect Pakistan from $11 billion in fines and other liabilities imposed by the World Bank arbitration tribunal.
The plan will also pave the way for a $10 billion mega-investment by Barrack and its partners.

In its brief judgment, the apex court observed that the government had signed the agreement after taking the Balochistan Assembly into confidence and consulting experts.


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