Pakistan slapped with $21 million fine by LCIA

Pakistan is facing more than three dozen cases of different nature at international courts.

The London Court of International Arbitration (LCIA) awarded a penalty of $21 million (Rs2.92 billion) to Pakistan in Broadsheet LLC case.

This is one of many other legal battles at the international forum Pakistan has lost.

According to sources, a senior government official confirmed that the LCIA has awarded a penalty of $21 million to Pakistan, saying, they will challenge the verdict they are confident that the award of $20 million penalty will be quashed by the higher forum.

The international tribunal held that Pakistan is liable to pay damages as National Accountability Bureau wrongfully repudiated an asset recovery agreement with the Broadsheet.

NAB entered into a sham settlement with a former Broadsheet executive, committing a tort of civil conspiracy, LCIA said during the court proceedings.  

Pakistan is facing more than three dozen cases of different nature at international courts. Some independent power producers (IPPs) also filed cases with international arbitrators and seeking clearance of their pending dues.

The present government is already facing major legal battles in world legal forums, paying billions of dollars in damages in controversial matters.