Islamabad: The Supreme Court issued a reserved judgment containing its opinion, upholding the Rekodic Agreement as legal.
A 5-member bench of the Supreme Court, headed by Chief Justice of Pakistan Umar Atta Bandial, gave a 13-page verdict in the Recodek case, which said that 2 questions were asked in the Recodek presidential reference. In the judgment, the recode agreement was declared not against the Supreme Court’s 2013 judgment. The federal and provincial governments entered into an agreement only after taking the opinion of the experts.
The Supreme Court bench wrote in its opinion that the constitution of the country does not permit a contract against the law of national assets. The provincial governments can amend and change the laws regarding minerals. The court said that the Balochistan Assembly was taken into confidence on the agreement while the elected public representatives also did not object to the agreement. There is no illegal clause in the contract.
The court said in the judgment that Barrack Gold has assured that the labor laws will be implemented. Barrick Gold has also assured of corporate social responsibility. According to the decision, the Foreign Investment Bill is not only for Barrick Gold. This is for any company that will invest more than $500 million.
In the decision containing the unanimous opinion of the 5-member bench of the Supreme Court, it is said that Justice Yahya Afridi declared that the first question of reference is a matter of policy. Justice Yahya Afridi will also write the reasons in his note.
