The Pakistan Cricket Board has paid a heavy price after losing the case it filed against BCCI for allegedly not honouring a Memorandum of Understanding on bilateral series.

As per a report in PTI, the PCB has paid the BCCI approximately USD 1.6 million as compensation for losing the case in ICC's Dispute Resolution Committee.

The PCB had alleged that they have suffered a loss of $70 million (roughly R500 crore) as the Indian board failed to honour a bilateral agreement. In November 2018, the game’s governing body dismissed the claim and instead ask the PCB to compensate the legal cost to the BCCI.

"We incurred cost of around USD 2.2 million on the compensation case which we lost," PCB Chairman Ehsan Mani quoted as saying by PTI.

"The ICC committee did accept that Pakistan had a case and that is why the damages/cost we had to pay to the Indian board was around USD 1.6 million," he added.

The PCB chief also insisted that apart from the amount paid to BCCI to cover the legal cost, the other expenses were related to legal fees and travelling.

According to PCB, both the boards had signed a Memorandum of Understanding in 2014, as per which the arch-rivals should have played six bilateral series between 2015-2023.

The BCCI, on its part, maintained that the discussion with PCB was a proposal and never a legally binding MoU. Ultimately, the BCCI's assertion was accepted by the ICC's dispute resolution committee.

(With PTI inputs)