{"id":37592,"date":"2023-12-20T06:02:06","date_gmt":"2023-12-20T06:02:06","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/pakistan-wins-legal-battle-against-tuwairqi-steel-the-express-tribune\/"},"modified":"2023-12-20T06:02:06","modified_gmt":"2023-12-20T06:02:06","slug":"pakistan-wins-legal-battle-against-tuwairqi-steel-the-express-tribune","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/pakistan-wins-legal-battle-against-tuwairqi-steel-the-express-tribune\/","title":{"rendered":"Pakistan wins legal battle against Tuwairqi Steel | The Express Tribune"},"content":{"rendered":"
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\nISLAMABAD:
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In a significant legal victory, Pakistan has emerged triumphant in the arbitration initiated by Tuwairqi Steel against the federation at the Permanent Court of Arbitration (PCA) in The Hague, Netherlands.<\/p>\n

The claim was brought by the Saudi investors, namely Dr Hilal Hussain Al Tuwairqi and Al Ittefaq Steel Products Company Limited, under the Organisation of Islamic Cooperation (OIC) investment agreement.<\/p>\n

The dispute arose when the claimants initiated arbitration proceedings against Pakistan in February 2018, alleging breaches of the OIC investment agreement.<\/p>\n

The case centred on the claimants’ investment in a steel-production facility in Karachi\u2019s Port Qasim, alleging that Pakistan failed to honour sovereign assurances, including the committed supply of natural gas at a certain ore-determined tariff.<\/p>\n

Read more:\u00a0Name change for Tuwairqi okayed<\/a><\/strong><\/p>\n

The proceedings saw a detailed procedural history which encompassed the formation of a tribunal under the OIC investment agreement and involved numerous applications and arguments made during the course of the dispute.<\/p>\n

The tribunal’s final decision is a victory for Pakistan, stating unequivocally that the country did not breach its obligations under the agreement and comprehensively dismissed all claims brought against Pakistan by the claimants.<\/p>\n

Additionally, the tribunal directed the claimants to pay Pakistan administrative costs, totalling EUR 210,788.45 and legal costs totalling GBP 1,546,937.08, EUR 117,941.43, and USD 62,415.50.<\/p>\n

Moreover, the tribunal directed the Permanent Court of Arbitration to refund the unutilised deposit amount of EUR 96,838.77 to the respondent.<\/p>\n

As Pakistan emerges victorious from this extensive legal battle, the decision not only affirms the country’s commitment to international investment agreements but also sets the stage for a more positive environment for future investments.<\/p>\n

Pakistan was represented in the proceedings by the Caretaker Law Minister Ahmad Irfan Aslam, who was the head of the international disputes unit at the time.<\/p>\n

Tuwairqi Steel was represented by Cherie Blair of Matrix Chambers.<\/p>\n<\/div>\n