ISLAMABAD: Chief Justice of Pakistan (CJP) Umar Ata Bandial has remarked there is remarkable difference between Pakistan judicial system and international justice system.  He remarked, “Improvement in justice system of Pakistan is a big challenge for us. Foreign investors should trust on Pakistan justice system. Several steps have been taken for improvement in justice system of Pakistan.” Its results will become visible after some time.

Pakistan government should take steps by taking into account international laws on Riko Deq matter otherwise company  will go to international arbitration forum again. When disputes reach international forums then massive resources are spent on solving them. Why are disputes connected with investment brought into court. Tell us procedure for resolving all disputes linked to investment out of court. Major problem in Pakistan is lack of documents regarding business. International debt has soared without production of necessary resources in country.

FATF has also stressed on transparent investment and transactions in Pakistan. He observed if no limit is set for foreign investment then a new Pandora Box will be opened due to proposed legislation.  A five member bench of SC presided over by CJP Umar Ata Bandial took up Riko deq presidential reference for hearing.   Makhdoom AlI Khan counsel for Barrick Gold Company told court as soon as goods reach port from Riko Dek project, 50 percent payment will be made. Remaining 15 percent payment of Riko Dek project goods will be made on destination as per market rate and quality. If rare mineral is explored out of Riko Deq project then government will purchase it at market rate.  Arguing on second question of presidential reference, additional advocate general Amir Rehman told second question in reference relates to being foreign investment bill in clash with basic rights. Legislation for Riko Deq project is aimed at ensuring wooing of heavy investment from other countries in Pakistan. Hearing of case was adjourned till November 24. 

Published in The Daily National Courier, November, 24 2022

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