The Pakistani government has been hit in a British Virgin Islands court for around $ 6 billion. Due to this court shock, there is a risk of foreclosure of Pakistan-owned buildings in America and France. In fact, about 28 years ago, the Pakistani government linked up with gold mining companies. Later, after receiving billions of dollars in gold, the intention of the Pakistani government changed and this deal was canceled. Today the court fined poor Pakistan $ 5.9 billion.
According to an Asia Times report, the court ordered that the price of the Roosevelt Hotel in New York and the Scribe Hotel in Paris be assessed as part of the process for confiscating Pakistani property. These two properties are owned by a company already owned by the state-owned airline, Pakistan International Airlines. The company is registered in the British Virgin Islands.
Company cancels license, $ 8.5 billion in damages
Earlier in July 2019, a World Bank court fined Pakistan $ 5.9 billion for canceling a gold mine permit in 2011. The mine was owned by Australian and Chilean mining companies. This company had demanded damages of 8.5 billion dollars in case of license cancellation. The first deal was between the Government of Balochistan of Pakistan and the Australian mining company Broken Hill for the Reco Dick mine in 1993.
The Reco Dick mine is the 5th largest gold and copper reserves company in the world. It is located in the Changi Desert in Balochistan. This mine is very close to the border between Afghanistan and Iran. From there, two lakh tons of copper and 2.5 lakh of gold are mined every year. The mine generates approximately $ 3.64 billion per year. Gold and copper can be mined from this mine for around 55 years, costing around $ 200 billion. The penalty that the court imposed on Pakistan is around 2% of its total GDP. There is now a risk of losing around $ 6 billion to Pakistan going through the Bengali phase.