CK Hutchison Escalates Legal Action Over Panama Port Takeover

MT Newswires Live03-09

CK Hutchison (HKG:0001) said it has intensified legal actions in response to what it described as the unlawful takeover of port operations in Panama operated by its subsidiary Panama Ports Company, according to a March 6 press release.

Panama Ports Company has filed an international arbitration against Panama under International Chamber of Commerce rules, seeking at least $2 billion in damages.

The company has also petitioned authorities to reconsider the decree and challenged the seizure of its property and documents.

CK Hutchison said it has submitted a supplement to a prior investment treaty dispute notice, accusing the government of ignoring consultations before occupying the ports and taking control of the subsidiary's property and personnel.

The conglomerate said it will continue to pursue available national and international legal remedies in the dispute.

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