Canadian investors want protection from Pakistan

By IVCPOST Staff Reporter

Jun 29, 2013 12:50 PM EDT

Canada's High Commissioner Greg Giokas said today that Canada is in need of aid and wants legal protection for all investments made in the country of Pakistan. This statement came after one of the projects worth US$400 million is now in the international arbitration.

Giokas, in front of the officials and executives of the Karachi Chamber of Commerce Industry of Pakistan, said that the concern for legal protection is of extreme and urgent importance.

The Canadian company which sparked this sudden want for protection was involved with the Reko Diq project, a gold and copper deposit exploration under contract with the government of Pakistan. The said company invested a total of $400 million but is now facing international arbitration and hearing is to be held in February 2014 at the soonest, said a Canadian diplomat.

Canadian investors said that federal and provincial conduct was not at all appropriate for business with the company, and that it raised concern on the security of their investments.

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