US EditionCK Hutchison-Operated Panama Ports Could Be Taken over by State Partnerships, President Says
PANAMA, JUL 31 – Panama challenges a 2021 contract extension for CK Hutchison's port operations, citing $1.3 billion in lost tax revenue and procedural irregularities, amid US-China geopolitical tensions.
- Reporting from Panama City, Anel Flores filed two lawsuits at the Supreme Court challenging the 2021 contract extension for the Balboa and Cristobal ports.
- Amid questions over the renewal process, the Office of the Comptroller General found the 2021 contract extension lacked proper approvals and highlighted $1.3 billion in revenue losses by Panama Ports Company.
- Legal challenges have complicated the sale of CK Hutchison's Panama Ports Company stake, part of a $20 billion deal involving over 40 ports to a BlackRock-led consortium.
- Bloomberg Intelligence's Denise Wong warned that Panama’s challenge introduces material uncertainty and risk of delays or renegotiation, though some analysts see minimal roadblocks.
- Panama President Jose Raul Mulino said Thursday, 'We will wait for the verdict,' as public-private partnerships could take over the two canal ports if courts void the contract.
18 Articles
18 Articles
Associated Press News
Hong Kong firm appeals for legal protection of investors as its Panama Ports contract faces lawsuits
A subsidiary of a Hong Kong conglomerate entangled in U.S.-China tensions has appealed for legal protection for businesses in Panama after the company’s contract over its Panama Canal port assets has been faced with lawsuits.
Panama says it could take over ports as it threatens to upend $20B deal with BlackRock, MSC
Panama’s President Jose Raul Mulino said Thursday that the state could take over two key ports along the canal as it asks courts to strike a contract with current operator CK Hutchison.
Denver Gazette
WTVBCK Hutchison-operated Panama ports could be taken over by state partnerships, president says
PANAMA CITY (Reuters) -Public-private partnerships could take over two key ports near the Panama Canal if courts invalidate a contract with Hong Kong-based CK Hutchison's to operate them, Panama's President Jose Raul Mulino said on Thursday.
The Panamanian Comptroller, Anel Flores, filed two legal actions before the Supreme Court of Justice , claiming unconstitutionality and requesting the nullity of the contract signed with Panama Ports, which manages the ports Balboa and Cristóbal. READ ALSO: Persecution in Panama: Minister of Labor tries to dissolve the country's main union During a press conference held on Wednesday, the official revealed that the accusations are linked to the e…
Coverage Details
Bias Distribution
- 40% of the sources lean Left, 40% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
