Office Address
123/A, Miranda City Likaoli Prikano, Dope
Phone Number
+0989 7876 9865 9
+(090) 8765 86543 85
Email Address
info@example.com
example.mail@hum.com
123/A, Miranda City Likaoli Prikano, Dope
+0989 7876 9865 9
+(090) 8765 86543 85
info@example.com
example.mail@hum.com
The conglomerate disclosed early Wednesday (4
Fb)that its Panamanian subsidiary initiated arbitration under the International
Chamber of Commerce (ICC) rules, as provided in its original concession terms. The move comes after Panama’s Supreme Court
declared the contracts governing the Balboa and Cristóbal terminals
unconstitutional – a decision that potentially upends nearly three decades of
operations by the Hong Kong-based group with APM Terminals moving to
temporarily take over the running of the two terminals.
“The board strongly disagrees with the determination and corresponding
actions in Panama,” CK Hutchison told the Hong Kong Stock Exchange. “The group continues to consult with its legal counsel
and reserves all rights, including recourse to additional national and
international legal proceedings.”
The ruling has triggered geopolitical ripples. China’s Hong Kong and
Macau Affairs Office denounced the verdict as “absurd” and “shameful,” warning
on Tuesday that Panama would “pay heavy prices” if it persisted with the
decision. Beijing has accused Washington of interference, arguing that Panama
“willingly succumbed” to “hegemonic pressure.”
The fallout also clouds CK Hutchison’s $23bn planned sale of its global
ports portfolio, which has been top for sale for the past year.
