SC adjourns hearing of presidential reference related to Rekodiq deal

ISLAMABAD (APP): The Supreme Court on Wednesday adjourned the hearing of the presidential reference on the Rekodiq agreement till Thursday.
A five-member larger bench headed by Chief Justice of Pakistan (CJP) Justice Umar Ata Bandial and comprising Justice Ijazul Ahsan, Justice Muneeb Akhtar, Justice Yahya Afridi, and Justice Jamaal Khan Mandokhel heard the presidential reference filed in the case. The president — on the advice of Prime Minister Shehbaz Sharif had filed the reference to seek the top court’s opinion on the Rekodiq settlement agreement.
During the course of proceedings, Balochistan government’s lawyer Salahuddin Ahmad said that 25 percent share of the total capital received from Rekodiq project belonged to Balochistan government. Out of 25% of the capital, 15% would be held by the holding and offshore company of Balochistan, he added. He said that Balochistan government would get 25% capital, 5% royalty, CSR and jobs facility.
The Chief Justice asked when would the Rekodiq project be completed? The counsel said that feasibility studies of the Rekodiq project would begin in two and a half years, and formal work would begin in the next five years. Companies from China, Japan and Russia also approached for the Rekodiq deal but these companies were not ready to pay the $9 billion fine imposed on Pakistan, he added. Justice Ijaz asked what was the case against Pakistan in International Center for Dispute Resolution and International Criminal Court?
The counsel replied that the International Center for Dispute Resolution had a case against the government of Pakistan for breach of contract while there was a case against the Balochistan government in the International Criminal Court for violation of the agreement. If Pakistan did not sign an agreement by December 15, the company would take legal action, he added. Justice Yahya Afridi asked other minerals would also be leased apart from gold and copper.
The counsel responded that apart from gold and copper, the lease of all minerals would also be held by Barrack Gold Company. The Chief Justice asked whether the financial transactions involved in the Rekodiq Agreement would be international in scope. The counsel replied that transactions in the Rekodiq deal would be through offshore companies. The government of Balochistan would get 32 billion dollars in capital from Rekodiq project in 47 years, he added.