Pakistan
British Virgin Islands unfreezes PIA offshore assets
The High Court of Justice in the British Virgin Islands (BVI) while restoring PIA's frozen assets has evoked its earlier orders regarding the attachment of the national carrier’s offshore assets.
Earlier, on December 10, 2020, BVI ordered to attach certain assets of Pakistan International Airline.
The court had attached the assets belonging to Pakistan International Airlines Investment Limited (PIAIL), including the company’s interests in two hotels — Roosevelt Hotel in Manhattan, New York, and Scribe Hotel in Central Paris.
"A short while ago judgment was announced by British Virgin Island High Court. Great legal victory for PIA and Pakistan. The order was passed earlier on the request of TCC which was seeking enforcement of Reko Diq award. All orders passed against PIA earlier are now recalled by the Court. Receiver removed from Roosevelt hotel, NY and Scribe hotel, Paris. Cost of litigation also awarded," said a statement issued by Attorney General for Pakistan (AGP) office on Tuesday.