London Court of Intern­ationa­l Arbitr­ation had awarde­d a $21m penalt­y to Islama­badISLAMABAD: Pakistan has challenged the London Court of International Arbitration (LCIA) decision to award a penalty of $21 million (Rs2.93 billion) to the country in the infamous Broadsheet LLC case. The London High Court may take up to a year to decide the appeal. According to the Global Arbitration Review (GAR), the firm’s claim against Pakistan was worth at least $600 million. The bureau has again engaged the same legal firm to argue the appeal before London High Court. Later, the quantum stage was started wherein Broadsheet relied on information gathered by a joint investigation team (JIT) established by the Supreme Court of Pakistan to examine evidence concerning the Sharif family’s holdings.

Source: The Express Tribune March 06, 2019 04:41 UTC