Chief Justice of Pakistan (CJP) Umar Ata Bandial has remarked there is remarkable difference between Pakistan judicial system and international justice system.
He further remarked“ Improvement in justice system of Pakistan is a big challenge for us. The foreign investors should trust on Pakistan justice system. Several steps have been taken for improvement in the justice system of Pakistan.
Its results will become visible after some time. Pakistan government should take steps by taking into account international laws on Riko Deq matter otherwise the company will go to international arbitration forum again. When disputes reach the international forums then massive resources are spent on solving them.
Why are the disputes connected with investment brought into the court. Tell us the procedure for resolving all disputes linked to investment out of court.
The major problem in Pakistan is lack of documents regarding the business. International debt has soared without production of necessary resources in the country. FATF has also stressed on transparent investment and transactions in Pakistan.
He observed if no limit is set for foreign investment then a new Pandora box will be opened due to proposed legislation.
A five member bench of SC presided over by the CJP Umar Ata Bandial took up Riko deq presidential reference for hearing Wednesday.
Makhdoom ALI Khan counsel for Barrick gold company told the court as soon as the goods reach port from Riko dek project , 50 percent payment will be made. The remaining 15 percent payment of Riko Dek project goods will be made on destination as per market rate and quality.
If rare mineral is explored out of Riko deq project then government will purchase it at market rate. If strategic mineral is discovered then government will be able to acquire it free of cost. If land is acquired then its payment will be made by the company.
Arguing on the second question of presidential reference, additional advocate general Amir Rehman told the second question in reference relates to being foreign investment bill in clash with the basic rights.
The legislation for Riko deq project is aimed at ensuring the wooing of heavy investment from other countries in Pakistan.
The hearing of the case was adjourned till November 24.