CK Hutchison seeks over US$1.5 billion from Panama over port takeover
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. The dispute stems from a Panama supreme court ruling in January that struck down the contract that let Panama Ports Company (PPC), a unit of […]
Hong Kong conglomerate CK Hutchison Holdings has initiated international arbitration proceedings against Panama, seeking over US$1.5 billion in damages. The dispute arose from the cancellation of a concession that enabled CK Hutchison's unit, Panama Ports Company (PPC), to manage two ports within the Panama Canal. This decision followed a January ruling by Panama's supreme court, sparked by claims made by then-US President Donald Trump regarding China's involvement in the canal's operations.
CK Hutchison alleges that Panama's actions violated an investment protection treaty, leading to the loss of its investments in the country. The company emphasizes its commitment to resolving the matter through arbitration while exploring all available rights and remedies under international law. The board of directors staunchly opposes Panama's actions, vowing to pursue resolution with Panama while seeking the maximum compensation possible.
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