U.S. President Donald Trump has hailed a deal led by U.S. firm BlackRock to buy most of the $22.8 billion ports business of Hong Kong conglomerate CK Hutchison which includes assets along the Panama Canal.The deal will give the U.S. consortium control of key Panama Canal ports amid White House calls to remove them from what it says is Chinese ownership.
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.Panama Ports Company (PPC), a CK Hutchison subsidiary
Some U.S. lawmakers and officials are touting a nearly half-century-old treaty between the United States and Panama to justify the Trump administration's threat to reclaim the Panama Canal - provided it can show the strategic waterway's operation is under threat.Others, however, say hurdles would loom for any bid to use the 1977 Panama Canal Neutrality Treaty
Hong Kong's CK Hutchison said on Wednesday its Panama Ports Company unit has started international arbitration proceedings against Panama after the country's top court annulled its licences to operate two Panama Canal ports, in a case that could take years to resolve.Panama's Supreme Court last week ruled the contracts violated Panama's constitution by giving the company exclusive privileges and
Public-private partnerships could take over two key ports near the Panama Canal if courts invalidate a contract with Hong Kong-based CK Hutchison's to operate them, Panama's President Jose Raul Mulino said on Thursday.CK Hutchison holds a 90% stake in the local Panama Ports Company, which had a 25-year concession to operate the Balboa and Cristobal ports, located at both ends of the canal
Panama's comptroller general, Anel Flores, said on Wednesday he had filed suit to the nation's Supreme Court against a contract to operate ports near the Panama Canal, held by a local firm controlled by Hong Kong-based CK Hutchison.Flores said the two suits were to declare the unconstitutionality and to nullify the contract to operate the Balboa and Cristobal ports.
CK Hutchison Holdings sold its controlling interest in two major Panama Canal ports to a U.S. led consortium for $22.8billion. BlackRock Inc. Global Infrastructure Partners and Terminal Investment Limited will receive a 90% stake of the Panama Ports Company that operates the Balboa & Cristobal Ports.