During Tuesday’s hearing at the Supreme Court, a five-member bench led by CJP Bandial chided the counsel of Canadian company Barrick Gold Corporation in response to his analysis of the economy of Pakistan and directed him to inform the apex court regarding the transparency of the Redo Diq project.
During the hearing, the company’s counsel contended that a “penalty of $9 billion on Pakistan will be waived off if Pakistan signs on the Reko Diq Project with the company.”
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“The provincial governments have the power to sign trade agreements with foreign investors and become part of the projects, yet they are not authorized to sign state-level agreements,” argued Counsel Makhdoom Ali Khan.
“In the Reko Diq project Pakistan is going to do historic investment of $4 billion.”
Responding to the arguments, the CJP Umar Ata Bandial remarked, “Has the company been monitoring the economic progress of Pakistan?”
CJP Bandial continued, “Don’t tell us about the economic failures and their consequences.”