Hong Kong’s commerce minister has condemned a court ruling to annul CK Hutchison Holdings’ right to operate two ports in the Panama Canal – after summoning the country’s envoy in the city – warning the decision “seriously undermined” international trade rules.
In a meeting with the Panamanian Consul General, Jose Ramon de Jesus Varela Fabrega, Secretary for Commerce and Economic Development Algernon Yau Ying-wah expressed “strong dissatisfaction and opposition” to the ruling, according to a social media post by the Commerce and Economic Development Bureau on Friday night.
“The Secretary for Commerce and Economic Development reaffirmed the position of the government, noting that the company involved has made massive investments and created numerous jobs in the region over many years,” the bureau said in the post.
“He criticised the Panamanian side for undermining its own national credit, stating that the move would cause profound damage to the country’s business environment and economic development, and seriously undermine international trade rules.”
Yau also urged Panamanian authorities to respect the spirit of the contract, provide a fair and just operating environment for legally operated businesses, and ensure that the legal rights of enterprises were not interfered with.
“Hong Kong enterprises operating and investing in Panama should receive fair and reasonable treatment and protection,” Yau was quoted saying.
According to the social media post, this was not the first time Yau had summoned the consul general. When asked by the South China Morning Post about the date of the earlier meeting, the Commerce and Economic Development Bureau said it had no further comment.
