HONG KONG (AP) — Hong Kong conglomerate CK Hutchison said Thursday it was seeking more than $1.5 billion in damages from Panama after the country seized two canal ports caught in the crosshairs of U.S.-China tensions.
CK Hutchison said in the statement that it had begun new arbitration proceedings against Panama and alleged that the Central American country had breached an investment protection treaty through "sovereign acts that targeted a decades-old ports concession" in a "state attack campaign" on the company's ****** ets in the Central American country.
Panama's government in February seized the Balboa and Cristobal ports, located on each end of the Panama Canal, after its Supreme Court that a concession held by CK Hutchison's subsidiary to run the two ports was unconstitutional.
The two ports at each end of the Panama Canal became part of U.S.-China tensions since Donald Trump's return to the White House last year after he alleged China of "running" the canal.
The Panama Canal is managed and owned by Panama. But CK Hutchison's subsidiary Panama Ports Company had run the two ports on the canal from 1997 and had renewed its concession for 25 years in 2021.
#China #hong
CK Hutchison said in the statement that it had begun new arbitration proceedings against Panama and alleged that the Central American country had breached an investment protection treaty through "sovereign acts that targeted a decades-old ports concession" in a "state attack campaign" on the company's ****** ets in the Central American country.
Panama's government in February seized the Balboa and Cristobal ports, located on each end of the Panama Canal, after its Supreme Court that a concession held by CK Hutchison's subsidiary to run the two ports was unconstitutional.
The two ports at each end of the Panama Canal became part of U.S.-China tensions since Donald Trump's return to the White House last year after he alleged China of "running" the canal.
The Panama Canal is managed and owned by Panama. But CK Hutchison's subsidiary Panama Ports Company had run the two ports on the canal from 1997 and had renewed its concession for 25 years in 2021.
#China #hong
1 day ago
