Regarding the Reko Diq reference, the SC will decide at a later date.
The judgement would be handed down by the five-judge panel of the supreme court the following week.
ISLAMABAD: On Tuesday, the Supreme Court of Pakistan decided to withhold its judgement in the Reko Diq mining case, which was referred to them by the president.
Today, the hearing on the subject was conducted by a larger bench consisting of five judges and presided over by the Chief Justice of Pakistan, Umar Ata Bandial.
The highest court in the land has said that it will make its decision public the following week.
The president, acting on the advice of the prime minister, submitted a reference to the Supreme Court (SC) under Article 186 of the Constitution, asking the highest court in the land to evaluate two important questions.
The president made a request to the highest court in the land, asking them to decide “whether the earlier judgement of the SC reported as Maulvi Abdul Haque Baloch v. Federation of Pakistan, laws or public policy prevent the government of Pakistan and the government of Balochistan from entering into the Reko Diq Agreements or affect the validity of their agreements.” The second question that was posed by the president was “would the proposed Foreign Investment (Protection and Promotion) Bill 2022 be valid and constitutional if it were to be enacted, or would it not?”
Read “CJP Expresses Concern Over the Wages Paid to Reko Diq Miners”
In an effort to get the Supreme Court to make a decision sooner rather than later, the government issued an urgent request earlier this week, requesting that all parties involved in the Reko Diq case finish pending actions that were impeding the conclusion of the $900 million settlement deal by December 15.
In order to avoid paying a $5.9 billion fine in exchange for a settlement agreement with Antofagasta and Barrick Gold in the infamous Reko Diq mining case, the deadline of December 15 must be strictly adhered to at all costs.
“The minister of finance emphasised how important it is to finish the remaining procedures as quickly as possible in accordance with the arrangement that was agreed upon. According to a press statement that was issued by the Ministry of Finance, “He also emphasised upon all concerned parties to ensure that the deadline of December 15 is successfully met and the project is revived as soon as possible after the settlement.”
The government will try to get the Investment Protection Bill passed by parliament, but this will depend on the Supreme Court’s decision. In order to establish an offshore holding company, the State Bank of Pakistan will issue what is known as a no-objection certificate, or NoC. On Friday, the Securities and Exchange Commission of Pakistan (SECP) incorporated the Special Purpose Vehicle in order to put the settlement agreement with Barrick Gold into effect.
