CK Hutchison seeks $1.5 BN from Panama over port seizures

CK Hutchison has launched international arbitration proceedings against ​Panama and is seeking damages of more ‌than $1.5 billion for the “destruction” of its investments in Panama, reports Reuters.

CK Hutchison said Panama breached an investment protection treaty after ​a series of measures over the past ​two years that culminated in the “destruction of the ⁠concession contract for the ports of Balboa and ​Cristóbal and takeover of the port terminals”.

The conglomerate, owned by Hong ​Kong’s richest man, Li Ka-shing, has been caught ​in a diplomatic tussle since US President Donald Trump objected ‌to ⁠Chinese ownership of ports along the Panama Canal, followed by Panama’s cancellation of its port concessions in the country.