US EditionPanama’s Supreme Court rules Hong Kong company’s concession for Panama Canal ports is unconstitutional
- 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.
38 Articles
38 Articles
US President Trump wants to curb China's influence on the Panama Canal. Now, a verdict against the operator of port terminals in the region, CK Hutchison, is playing into his cards. The financial consequences are considerable for the Hong Kong company.
The Supreme Court of Panama has cancelled Thursday the concession allowing the Hong Kong conglomerate CK Hutchison to operate two ports on the Panama Canal, while the United States wants to reduce the presence
Watauga Democrat
Panama court annuls Hong Kong firm's canal port concession
Panama's Supreme Court annulled on Thursday the concession allowing Hong Kong-based CK Hutchison to operate ports at the Panama Canal, a year after US President Donald Trump threatened to seize the crucial passageway claiming China controlled it.
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