SC hears reference on transparency of Reko Diq agreement

ISLAMABAD: Supreme Court of Pakistan on Tuesday resumed hearing the presidential reference on the Reko Diq agreement.

A five-member larger bench of the Supreme Court headed by CJP Justice Umar Ata Bandial and comprising Justice Ijazul Ahsan, Justice Muneeb Akhtar, Justice Yahya Afridi, and Justice Jamaal Khan Mandokhel heard the case seeking the legality of the new agreement.

The president on the advice of Prime Minister Shehbaz Sharif had filed the reference seeking the top court’s opinion on the Reko Diq settlement agreement.

Makhdoom Ali Khan, the legal counsel for Barrick Gold, argued that provincial governments could sign international trade projects but could not state-level agreements.

CJP Bandial said the federal government also has a stake in Reko Diq project. He said the issue is not with the provincial government can sign the investment deal.

The counsel replied that Barrick Gold is seeking the opinion of the court to avoid any legal complications such as in the previous Reko Diq project agreement. The lawyer said Pakistan’s default threat is increasing. He said a massive investment of $4.297 billion will be made in the project.

The chief justice asked if Barrick Gold is monitoring the economic situation of Pakistan. He said it would be better to inform the court of the transparency of the agreement.  “Tell us about transparency of the agreement instead of intimidating the court,” CJP said. “Don’t tell the court about mistakes of the economists.”

Makhdoom Ali Khan said that Barrack Gold was not in the business of bailing out countries from bankruptcy. he said the exorbitant penalty of nine billion dollars will be waived if the agreement is signed by December 15. He said the expected charges by he international court will be waived if the agreement is approved.

The investor’s lawyer sad Barrick Gold will lay an underground pipeline from the site of Reko Diq in Balochistan and the extracted gold and copper will be exported abroad through the port.

He said the Canada-based company will also build roads and community development projects and the project will create initially 7,000 jobs initially and further 4,000 jobs in Balochistan. The court adjourned further hearing until November 23 (tomorrow).

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