US EditionPanama Voids Hong Kong-Based Firm's Canal Port Contracts
- 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.
51 Articles
51 Articles
Panama's Supreme Court ruled Thursday night that a concession granted to a subsidiary of Hong Kong-based CK Hutchison Holdings to operate ports at both ends of the Panama Canal was unconstitutional. It is not yet clear what the specific consequences of the verdict will be, according to the AP. The administration of US President Donald Trump is trying to limit China's influence over the strategic waterway and in the region.
A formidable assist to the White House's ambitions to regain control of the Panama Canal comes from the ruling of the Supreme Court of the Central American country that declared the...
Panama court voids Hong Kong company's port contracts
Panama's Supreme Court has annulled key port contracts held by a subsidiary of Hong Kong-based CK Hutchison, leaving the future ownership of some Panama Canal operations unclear and possibly upsetting its plans to sell some terminals.
Coverage Details
Bias Distribution
- 39% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
