Rediah
Regular
I wanted to stay in exile.... but I think all is not lost IF this end up in ICC. (IMO)
In the past similar thing happened between Australian TCC:ASX and Pakistan where Pakistan couldn't honor the contract because of their internal politics (or whatever their reasons were). Case was taken in the High Court of British Virgin Island resulted in TCC's favor. “.... TCC then approached the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) to resolve the dispute,”
And TCC won $5.9 Billion (they sued for $8.5 Billion, some says $16 Billion) . But since Pakistan was/is still struggling with their poor economy, they couldn't pay the money therefore Pakistan foreign assets were frozen including the Roosevelt Hotel, New York owned by the national airlines of Pakistan, PIA.
Eventually Pakistan agreed and negotiated , see below
View attachment 29208
So, from that precedent, we can only assume that even if DRC cant pay in cash, then they have to pay AVZ in assets/resources, again its my own assessment from the past cases.
More below on TCC vs Pak
Reko Diq case - Wikipedia
en.wikipedia.org
***** Had Pakistan not cancelled the contract with TCC, Pakistan and its people would have been in much better situation, currently Pakistan is on the verge of default with only $4 Billion in their reserves.
This is what i think based on the only case I followed of ICSID.
Pakistan is as corrupt as DRC if not more.. But in DRC case, they are more underdeveloped and hence not as economically strong. The longer these minerals stays underground, the more wait DRC have to do to put their filthy hands on the money from it, so I am sure they would want to expedite this as well even if it means China foot the bill at the end. For DRC, it doesnt matter who owns/mines Manono, at the end of the day all they care is their pockets are filled and are not worried about their international reputation as, either you take it or leave it, as there are already many buyers out there even if it means selling it dirt cheap or at the expense of their people's lives.
Does the ICC/ICSID process works? Yes
Does it take time? Yes... unfortunately it took bit of time in Reko Diq case, even after the first ruling it took 3-4years for money started coming to SHs but it was good money.
Will it get enforced? Yes
Did Pakistan pay? Yes, started paying in 2022 with first payment of $900m, then $2B, and still paying dearly to this day..
And now even Saudi investing in Reko Diq!
At this stage, not sure what more us SH can do other than wait and trust the BoD and let it take its course and stay put. Its not easy, but we have no other option.
