CK Hutchison seeks over US$1.5bil from Panama over port takeover
The Hong Kong conglomerate cites treaty breaches after its port concession was cancelled amid US claims of Chinese control over the Panama Canal.
In a dispute over the cancellation of a port concession in the Panama Canal, HK conglomerate CK Hutchison has initiated international arbitration proceedings against Panama. The firm seeks over US$1.5 billion in damages, claiming the decision violated an investment protection treaty. This dispute arises from a January ruling by the Panama Supreme Court, which overturned the contract allowing CK Hutchison's subsidiary, Panama Ports Company (PPC), to manage the canal's Pacific port of Balboa and the Atlantic port at Cristobal.
The cancellation came amid tensions between the US and China, following US President Donald Trump's claims that China effectively controlled the canal. CK Hutchison's board dismissed Panama's actions as breaches of the treaty and vowed to pursue all legal remedies available under international law.
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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
- CK Hutchison seeks over US$1.5 billion from Panama over port takeover nst.com.my
