US EditionCK Hutchison unit says Panama arbitration claim now tops $2 billion
Panama Ports Company alleges illegal takeover of terminals and related misconduct, increasing damages claim beyond $2 billion under International Chamber of Commerce arbitration rules.
- On Tuesday, Panama Ports Company, a unit of Hong Kong conglomerate CK Hutchison Holdings, expanded its international arbitration claims against Panama, alleging damages have "escalated beyond $2 billion."
- Panama cancelled the concessions after its Supreme Court ruled them unconstitutional, a move following mounting U.S. pressure to curb Chinese influence around the Panama Canal.
- PPC alleged an "illegal takeover" of facilities and property seizure, while Panamanian President Jose Raul Mulino called the arbitration accusations "outrageous" and "a lie."
- The dispute complicates CK Hutchison's $23 billion global ports business sale, which involves a consortium led by BlackRock and Mediterranean Shipping Company.
- Panama granted temporary 18-month concessions to keep terminals operating, with APM Terminals managing Balboa and TIL Panama handling Cristobal as the dispute continues.
11 Articles
11 Articles
Panama Ports Dispute Unfolds: Billion-Dollar Arbitration Battle Escalates
A unit of CK Hutchison has increased its claims in an international arbitration case against Panama, with damages exceeding $2 billion after an alleged illegal takeover of port terminals. This dispute arises amid diplomatic tension following Panama's actions influenced by U.S. concerns over Chinese presence.
A subsidiary of the CK Hutchison conglomerate announced that it had extended its claims in an international arbitration case against Panama, indicating that compensation for damages now amounted to more than $2 billion.Panama Ports Company stated that it expanded its claims in the process in accordance with the arbitration rules of the International Chamber of Commerce, a month later, which it described as the illegal takeover by the State of tw…
Coverage Details
Bias Distribution
- 100% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
