Local laws also apply to international companies; says Chief Justice Iftikhar Muhammad Chaudhary

Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry hearing the case on Reko Diq exploration observed on Monday that local laws were also applicable on foreign investors.

He was hearing identical petitions against leasing out gold and copper mines, including the world’s biggest gold mine valued at over $260 billion at Reko Diq in Balochistan, to foreign companies by the federal government in violation of laid down rules.

He said it was mandatory to adhere to local laws in trade agreements, adding that every country had made it mandatory for foreigners to strictly follow their laws.

A three-member Supreme Court bench comprised of Justice Gulzar Ahmed and Justice Sh. Azmat Saeed and headed by the Chief Justice noted that whether a country was small or big, its sovereignty was important.

The CJP said the Supreme Court neither wanted to block any foreign investment nor was it against it in any way, however, it required that foreign investments be subject to local laws.

“We welcome every foreign company in Pakistan but its agreements must be subject to our laws and not to its own dictations. We are a sovereign country and welcome such investments,” the chief justice said.

Chief Justice Chaudhry further said that one could find businessmen in Balochistan who had no businesses running in the province.

The court directed Khalid Anwar, counsel for the Tethyan Cooper Company (TCC), a Canadian and Chilean consortium of Barrick Gold and Antofagasta Minerals, to conclude their arguments by Tuesday.

Short URL: https://www.newspakistan.pk/?p=35655

Posted by Web Desk on Dec 3 2012. Filed under National, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.