Panamanian President Jose Raul Mulino has accused a subsidiary of Hong Kong conglomerate CK Hutchison Holdings of lying about the country’s response to an arbitration initiated by the company over the seizure of two strategic ports. Mulino’s rebuttal on Thursday was in response to claims several days earlier by the Panama Ports Company (PPC) that…
A subsidiary of Hong Kong conglomerate CK Hutchison Holdings has accused Panama of missing a deadline for international arbitration initiated by the company, as it confirmed its offices had earlier been raided by alleged “armed security forces”. Panama Ports Company (PPC) on Tuesday also accused authorities of silencing the country’s press and disregarding the rule…
The Panamanian government has asked Chinese shipping giant Cosco to reconsider its decision to suspend operations at the Balboa port amid geopolitical tensions surrounding the strategic gateway and Hong Kong’s CK Hutchison Holdings. Panama’s Minister for Canal Affairs Jose Ramon Icaza told reporters on Friday that Cosco’s decision had caught the government off guard. “The…
A subsidiary of Hong Kong conglomerate CK Hutchison Holdings is seeking US$2 billion in damages from the Panamanian government over what it described as the “illegal takeover” of the operations of two ports at either end of the strategic canal. In a statement issued on Friday, the Panama Ports Company (PPC) said it had submitted…
The conflict in Iran could raise cargo transport costs from Asia to Europe by at least 10 per cent, according to Hong Kong sector representatives, as major shipping companies suspended bookings to and from the Middle East or imposed significant war-risk surcharges. Lawmaker Tommy Chung Ki-fung, who represents the import and export constituency, explained on…
A subsidiary of Hong Kong conglomerate CK Hutchison Holdings has accused Panamanian authorities of undermining due process by making an “unnotified intrusion” at a facility storing materials related to ongoing legal proceedings. The Panama Ports Company (PPC) on Friday accused the country’s government of creating a crisis, calling the “illegal takeover” of two port facilities…
Hong Kong’s CK Hutchison Holdings has vowed to pursue all possible legal action, both domestically and internationally, to protect its interests, calling Panama’s move to take over its two ports unlawful. The conglomerate, led by the family of Hong Kong tycoon Li Ka-shing, issued the warning in its second statement in a week after the…
A deadline for exclusive talks on a US$23 billion sale of global port stakes by Hong Kong tycoon Li Ka-shing’s CK Hutchison Holdings passed without a deal on Sunday, with analysts expecting complex negotiations to be extended amid intense US-China geopolitical rivalry. The controversial transaction involved CK Hutchison selling stakes in 43 ports, including two…
The sale of global port facilities to U.S.-based investor BlackRock and Mediterranean Shipping Company by Hong Kong’s CK Hutchison could be blocked by China, unless shipping company Cosco is included, according to a Wall Street Journal report citing anonymous sources. Hutchison said in March it planned to sell its 80% share of port terminals through…
CK Hutchison Holdings needs a war chest to maintain its fiscal health in the face of escalating geopolitical tensions, its chairman Victor Li Tzar-kuoi has said, with senior managers assuring the US$23 billion deal involving two Panama ports will comply with regulations. At the conglomerate’s annual general meeting on Thursday, Li said that many uncertainties…