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.
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61 Articles
Panama's Constitutional Court has cancelled the contracts of a Hong Kong corporation for the operation of two ports on the Panama Canal.
Santa Maria Times
Independent EspañolPANAMA CITY (AP) — The Supreme Court of Panama ruled on Thursday night that the concession granted to a subsidiary of CK Hutchison Holdings, from Hong Kong, to operate ports at the ends of the Panama Canal...
Panama's Constitutional Court has cancelled the contracts of a Hong Kong corporation for two ports in the Panama Canal. The decision leads to tensions between the US and China, as both countries pursue strategic interests in the important trade route.
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.
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