CK Hutchison seeks over US$1.5 billion from Panama over port takeover
HONG KONG: Hong Kong conglomerate CK Hutchison said on Thursday it has filed international arbitration proceedings against Panama over its cancellation of a concession to operate two ports in the Panama Canal.
Hong Kong-based conglomerate CK Hutchison has initiated international arbitration proceedings against Panama, seeking over US$1.5 billion in damages, following the cancellation of a concession that allowed its subsidiary to operate two ports in the Panama Canal. The dispute arose from a January Supreme Court ruling in Panama that invalidated the contract, which led to tensions between the US and China.
CK Hutchison claims the decision breached an investment protection treaty, resulting in the destruction of its investments in Panama. The company will pursue all available remedies under the treaty and international law while maintaining open communication with Panama to resolve the matter.
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- Hong Kong conglomerate seeks $1.5 billion in damages from Panama for takeover of canal ports winnipegfreepress.com
- CK Hutchison seeks over US$1.5bil from Panama over port takeover freemalaysiatoday.com
