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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.
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27 Articles
27 Articles
Washington Top NewsReposted by 
The Seattle Times
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…
·Washington, United States
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Associated Press News+12 Reposted by 12 other sources
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.
·United States
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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.
Coverage Details
Total News Sources27
Leaning Left6Leaning Right3Center13Last UpdatedBias Distribution59% Center
Bias Distribution
- 59% of the sources are Center
59% Center
L 27%
C 59%
14%
Factuality
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