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.
US dollar gains in interbank and open markets
- 2 hours ago
Karachi gas explosion: 7 injured including children
- 3 hours ago
Taxes on more than 40 items reduced
- 4 hours ago
SC decision: ECP issues notification to restore reserved seats
- 4 hours ago
Trump confirms progress on Gaza ceasefire deal
- 3 hours ago
Father murders son over association with transgender individuals in Karachi
- 39 minutes ago
PSX rallies for second consecutive day in new fiscal year
- 3 hours ago
Iran confirms damage to nuclear site after US strikes
- 2 hours ago
Gold prices decline amid global market downturn
- 2 hours ago
Sheikh Hasina sentenced to 6 months for contempt of court in Bangladesh
- 3 hours ago
PDMA issues alert over rising water levels in Punjab’s rivers
- 2 hours ago
Court issues non-bailable warrants for CM Gandapur
- 2 hours ago
