Hong Kong firm seeks $2 billion over Panama’s takeover of 2 key canal ports
CK Hutchison challenges Panama's annulment of its 25-year canal port concession after a Supreme Court ruling deemed the contract unconstitutional, escalating international arbitration.
- CK Hutchison escalated its legal fight by petitioning for reconsideration of the executive decree behind Panama's takeover of its ports.
- Following a January Supreme Court ruling, Panama annulled the concession, and seized the Balboa and Cristobal ports on Feb. 23, prompting the company to challenge the decree.
- Panamanian investigators searched PPC's offices a week earlier, and PPC says Panama unlawfully occupied facilities, seized documents, and ignored requests, making 'various inaccurate remarks'.
- Seeking at least $2 billion, Panama Ports Co. filed international arbitration under ICC rules and supplemented a bilateral treaty notice, while CK Hutchison Holdings said they 'will not relent' in pressing all claims.
- Panama plans new tenders within 18 months, limiting operators to one port, as APM Terminals and TiL manage ports part of a sale to a BlackRock-led consortium, reported the Panama Maritime Authority.
27 Articles
27 Articles
Washington Top News
The Seattle TimesHong Kong firm seeks $2 billion over Panama’s takeover of 2 key canal ports
HONG KONG (AP) — A subsidiary of a Hong Kong-based company that has lost control of two critical ports on the Panama Canal said it is seeking $2 billion of…
Associated Press News
Hong Kong firm seeks $2 billion over Panama's takeover of 2 key canal ports
A subsidiary of a Hong Kong-based company that has lost control of two critical ports on the Panama Canal says it is seeking $2 billion of compensation in damages from Panama over its “illegal” takeover of the ports.
Another legal action taken by the company concerns the seizure of corporate documents by the Public Prosecutor's Office, which, according to PPC, were stored in a private facility.
CK Hutchison Escalates Legal Fight After Panama Seizes Canal Ports
Hong Kong–based CK Hutchison Holdings said Friday it has intensified its legal response to Panama’s takeover of two key container terminals near the Panama Canal, escalating a dispute that has already drawn in major global shipping companies and geopolitical powers.
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