ISLAMABAD: The Supreme Court on Thursday suggested to the federal government to establish a body akin to CPEC that could examine the entirety of the new Reko Diq project, develop a consistent strategy and maintain transparency to draw in outside investors.
A five-member larger bench of the Supreme Court heard the Presidential Reference involving the new Reko Diq Project, which also included Justices Ijazul Ahsen, Muneeb Akhtar, Yahya Afridi and Jamal Khan Mandokhel. The bench was presided over by Chief Justice Umer Ata Bandial.
Additional Attorney-General Aamir Rehman argued that Pakistan’s biggest investment was being made in the new Reko Diq, which will end international investors’ reluctance to invest in Pakistan and encourage investment there.
“But still you have not been able to convince us why the government is making a new legislation for a specific company,” Chief Justice Umer Ata Bandial asked the law officer.
The chief justice said: “We are constantly being threatened with the possibility that Pakistan may be forced to pay $10 billion in debt if the Reko Diq Project is not completed by Dec 15.” The law officer responded that the court was not concerned, but that if a $10 billion fine was not paid, the nation would have to face the brunt.
He submitted that the Balochistan government was an equal shareholder in this huge project. The chief justice said that the Balochistan government was not a strong authority and asked the law officer to determine who would supervise this mega project.
“Make an authority on the pattern of CPEC that could review the overall Reko Diq project as we don’t want to lose this project again,” the chief justice said, adding that the country still has a burden of $4.5 billion, so you can relax the rules to make the project simpler but cannot lower your standards.
The chief justice advised the federal government to formulate an acceptable policy besides creating an authority like CPEC that could monitor and review the project’s overall performance.
“Once a unified policy is formulated, it will be easy for the court to make its decision,” the chief justice remarked, adding that the unified policy will encourage foreign investors and ensure transparency as well.
The chief justice asked the law officer to ensure that the rights of adjacent population to Reko Diq should not be affected. Meanwhile, the court adjourned the hearing till Nov 14.
