Panama seizes 2 key canal ports from Hong Kong operator
AP News • • nation
Key Points:
- The Panamanian government seized control of two key ports at the Panama Canal entrances following a Supreme Court ruling that declared the concession contract held by Hong Kong-based CK Hutchison unconstitutional.
- The government authorized the Panama Maritime Authority to take over all movable property at the Balboa and Cristóbal terminals, leading CK Hutchison to cease operations amid threats of criminal prosecution.
- The dispute is linked to broader geopolitical tensions between the U.S. and China, with China blocking a planned sale of the ports to a U.S. consortium including BlackRock.
- Panama’s Supreme Court invalidated the concession contract and its extension, effectively stripping CK Hutchison of its legal right to operate the ports since 1997.
- CK Hutchison
