This contribution to Foreign Investment Review 2021, authored by ABS & Co, provides a comprehensive overview of Pakistan’s foreign investment framework and regulatory landscape. It explains government policies and priority sectors, outlines the key laws that govern acquisitions and cross-border investments, and highlights the role of regulatory authorities including the Board of Investment, State Bank of Pakistan, SECP and the Competition Commission.

Ahmer Bilal Soofi, Founding and Managing Partner of ABS & Co, has been elected to the International Chamber of Commerce (ICC) International Court of Arbitration. Ahmer will serve for a three-year term from 2021 to 2024. 

ABS & Co's Lahore based-team recently advised Total Parco Pakistan in relation to a false and defamatory news item published in relation to Total's business in Daily Khabrain. In the news, it was alleged that Total was involved in smuggling of oil from Iran and for blending it with water.

ABS & Co advised state-owned, Sui Northern Gas Pipeline Limited (SNGPL), in relation to its Gas Supply Agreement with Pakistan Electric Power Company, GENCO-II at Guddu. The buyer under the GSA operates a 1655 MW power plant in District Kashmore and was previously allocated gas by the Government of Pakistan up to a total of 120 mmcfd from different gas fields.

Samar Masood, Partner at ABS & Co, was invited to speak at the University of Management at Technology (UMT), Lahore on a seminar conducted in collaboration with Oxford University Press (OUP) highlighting issues regarding intellectual property rights in Pakistan.

COVID-19’s outbreak has called for many industries to immediately change their approach towards the Pandemic. The industry most severely affected is the pharmaceutical industry and in lieu of this Barrister Shahrukh Iftikhar and his team at ABS & Co, have drawn up this alert outlining the influence of COVID-19 on medicine and therapeutic drugs. The alert aims to provide a better legal understanding of how the pharmaceutical industry is regulated and the measures being taken by different players to combat the virus, while giving country wise paradigms. It also takes into account the efforts being taken by companies in different countries to produce a vaccine and the future implications these companies may face in light of intellectual property law.

In a significant development for the banking sector, a five-member bench of the Lahore High Court has dismissed a set of petitions challenging the constitutionality of section 15 of the Financial Institutions (Recovery of Finance) Ordinance 2001. Banks are now entitled to sell mortgaged property without the intervention of the court and recover their debt(s) without having to obtain a decree to that effect from the banking court.

A common problem that arises in construction contracts is the Engineer's failure to give his determination or decision within the time stipulated in the contract. Under FIDIC's 1999 Red Book, a contractor can file a claim under Sub-Clause 20.1 of the GCC for extension of time and/or additional payment.

This note summarizes some of the key changes being made to the legal and regulatory framework as part of the FATF Bills.

On May 15, 2020 the government notified major changes to the Public Procurement Rules (PPRA) 2004 by introducing new concepts such as E-procurement, Framework Agreements and Unsolicited Proposals.

This client alert provides a brief overview of the steps taken by the State Bank of Pakistan (SBP) to dampen the effect of the economic dislocation(s) caused by COVID-19. This includes relief for businesses not just in the manufacturing sector but also those in construction, logistics, FMCG, tourism and automobile sectors.

In 2018, the Australian Broadcasting Corporation’s 4 Corners aired an episode titled, “Behind Closed Doors,” in which the former High Commissioner of Pakistan to Australia was wrongfully targeted by her domestic staff member in an attempt to gain asylum in Australia. In the television show in question, close to 20 Embassies and High Commissions were discussed, however the majority of the time was spent on the factitious account put forth by the domestic staff member of the former High Commissioner. This targeted contriving was brought to the attention of the Australian Broadcasting Corporation by ABS & Co., with the result that no further publicizing of the said programme was undertaken.

We are pleased to announce that PGNiG S.A., a state owned energy company and a key player on the Polish market, has selected NGL Legal including ABS & Co. as counsel for the multi-jurisdictional panel on International Energy Law. PGNiG is also active on the global market of oil and gas exploration, production and sale.

In a new development, Iran has invited Pakistan’s legal team led by ABS & Co. to thrash out if US sanctions on Iran are applicable to the Gas Sales Purchase Agreement signed between Iran and the Islamic Republic of Pakistan in 2009.

In a new development, Iran has invited Pakistan’s legal team led by ABS & Co. to assess if US sanctions on Iran are applicable to the Gas Sales Purchase Agreement signed between Iran and the Islamic Republic of Pakistan in 2009.

In a review petition on which Ahmer Bilal Soofi advised and represented the petitioner, Supreme Court on Saturday overturned the lifetime disqualification of Sumaira Malik.