US EditionHong Kong company’s concession to operate Panama Canal ports is ruled unconstitutional
The court annulled CK Hutchison’s 25-year port concession citing unconstitutional contracts and alleged $1.2 billion losses, affecting a major shipping hub crucial to global trade.
- Late Thursday, Panama Supreme Court ruled the concession held by Panama Ports Company unconstitutional and issued only a brief statement with no guidance on the ports at either end of the Panama Canal.
- Following the audit, Anel Flores, Panama's comptroller, challenged the concession on July 30 after alleging unpaid payments, accounting errors, and a 'ghost' concession since 2015.
- The audit estimated government losses of about $300 million since the extension and $1.2 billion over the original 25-year contract, and CK Hutchison Holdings denied the comptroller's allegations as the audit and challenges proceeded.
- The dispute carried explicit U.S. national-security overtones as U.S. officials framed port operations as a priority for the Trump administration, with Marco Rubio's Panama visit underscoring Washington's focus.
- The planned sale to a consortium including BlackRock was announced last year while the concession faced legal scrutiny after the comptroller's July 30 challenge, and the Chinese government later objected.
125 Articles
125 Articles
Panama confirmed talks with Maersk to guarantee port continuity, after declaring unconstitutional the concession granted to CK Hutchison.
The sale of its operations in two Panamanian ports by CK Hutchison to a consortium led by US asset manager Blackrock is in jeopardy.
Trump Wins Big on the Panama Canal
The Chinese company that operates ports at the Panama Canal will have to give up control after that country’s Supreme Court ruled the concession was unconstitutional, according to published reports. Then-President Jimmy Carter, who literally never did anything right, gave it away to communists running Panama at the time. This was after the US paid […] The post Trump Wins Big on the Panama Canal appeared first on www.independentsentinel.com.
The president of Panama, José Raúl Mulino, announced this Friday a new process of concession of two ports around the Interoceanic Canal operated until now by a subsidiary of the Hong Kong conglomerate CK Hutchison, epicenter of the threats of the U.S. to resume the aquatic track and whose contract with the Panamanian State was declared unconstitutional last night by the Supreme Court of Justice.
The Supreme Court of Panama cancels the contracts for the participation of the Hong Kong company CK Hutchison in the port company. The takeover of the ports by the Swiss MSC and Blackrock is now off the table.
Coverage Details
Bias Distribution
- 48% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
