US EditionContract for Hong Kong company to operate Panama Canal ports had irregularities, audit finds
- An audit revealed many breaches in the concession contract held by Panama Ports, a subsidiary of CK Hutchison, stating that Panama did not receive $1.2 billion owed under the contract.
- State Comptroller Anel Flores confirmed the audit's findings and announced plans to file a complaint with prosecutors over unpaid fees.
- In March, CK Hutchison agreed to sell 43 ports, including those at the Panama Canal, to BlackRock for $19 billion amid rising pressure from the U.S. Government.
- Analysts suggested the audit findings were intended to provide justification for canceling the concession to appease the Trump administration.
47 Articles
47 Articles
CK Hutchison, a company that would sell its Panama Canal ports, denies millionaire debt
CK Hutchison Holdings Ltd rejected the allegations that it did not pay about 1.2 billion balboas ($1.2 billion) for the concession contract to operate two ports of the Panama Canal. The accusations are “absolutely contrary to reality.” The company has invested more than 1,695 million balboas, according to Panama Ports Co., a subsidiary of the conglomerate listed on the Hong Kong Stock Exchange. This figure exceeds the 50 million balboas required…
Panama releases audit results; Cheung Kong subsidiary suspected of violating regulations in port operation rights
Panama Ports Corporation, a subsidiary of Hong Kong Cheung Kong Group, has been accused of multiple violations in the renewal of the Panama Canal Port operating rights contract. The authorities said they would prosecute the officials who approved the renewal and submit the audit results to the maritime department.
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