financetom
Business
financetom
/
Business
/
CK Hutchison unit says Panama arbitration claim now tops $2 billion
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
CK Hutchison unit says Panama arbitration claim now tops $2 billion
Mar 24, 2026 5:37 PM

PANAMA CITY, March 24 (Reuters) - A unit of Hong Kong conglomerate CK Hutchison ( CKHUF ) said on Tuesday it had widened its claims in an international arbitration case against Panama, saying damages had now risen to more than $2 billion.

Panama Ports Company, which for nearly three decades operated the Balboa and Cristobal terminals near the Panama Canal, said it had supplemented its claims in proceedings under the International Chamber of Commerce's arbitration rules, a month after what it described as the state's illegal takeover of two port terminals and company property.

Panama's presidency and maritime authority did not immediately respond to requests for comment.

The legal fight has become part of a broader diplomatic and commercial dispute following Panama's cancellation of the concessions in line with a Supreme Court ruling in late February.

The cancellation followed mounting U.S. pressure to curb Chinese influence around the strategic canal, which handles about 5% of global maritime trade.

Panama Ports Company (PPC) has accused Panamanian authorities of unlawfully seizing property, confiscating private and protected documents and denying the company access to files and computers during and after the takeover of the facilities.

The company added on Tuesday that Panama had continued a campaign against the firm and failed to coordinate property access or compensation.

Earlier this month, PPC alleged Panama missed a March 13 deadline to respond in the arbitration case, because it did not have proper legal representation.

Panamanian President Jose Raul Mulino said accusations over setbacks in the arbitration process were "outrageous" and "a lie." Mulino said the government had appointed international counsel to defend the state's interests.

The dispute has also complicated CK Hutchison's ( CKHUF ) planned $23 billion sale of a majority stake in its global ports business to a consortium led by BlackRock and Mediterranean Shipping Company (MSC). The company said this month it remained in talks over the transaction.

Panama has granted temporary 18-month concessions to keep the terminals operating, with APM Terminals managing Balboa and TIL Panama, a unit of MSC, handling Cristobal.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
EcoSynthetix May Buy Back Up To Near 10% of Its Outstanding Shares
EcoSynthetix May Buy Back Up To Near 10% of Its Outstanding Shares
May 13, 2024
08:45 AM EDT, 05/13/2024 (MT Newswires) -- EcoSynthetix ( ECSNF ) on Monday said it intends to commence a normal course issuer bid. The renewable chemicals company may repurchase up to a maximum of near 4 million shares, or 10% of its outstanding shares, from May 15, 2024, for one year. Under its previous bid, which expired on May 1,...
Booking Designated as a Gatekeeper Under EU Digital Markets Act
Booking Designated as a Gatekeeper Under EU Digital Markets Act
May 13, 2024
08:46 AM EDT, 05/13/2024 (MT Newswires) -- Booking Holdings ( BKNG ) has been designated by the European Commission as a gatekeeper under the Digital Markets Act (DMA), the Commission said Monday. As a result, Booking has six months to submit a detailed compliance report outlining how it complies with each of the DMA's obligations, the Commission said. If Booking...
Fulcrum Therapeutics, Sanofi Sign Licensing Deal for Facioscapulohumeral Muscular Dystrophy Treatment
Fulcrum Therapeutics, Sanofi Sign Licensing Deal for Facioscapulohumeral Muscular Dystrophy Treatment
May 13, 2024
08:45 AM EDT, 05/13/2024 (MT Newswires) -- Fulcrum Therapeutics ( FULC ) said Monday it has signed a deal with Sanofi ( SNY ) for losmapimod in treating facioscapulohumeral muscular dystrophy (FSHD). Under the terms of the deal, Sanofi ( SNY ) will have exclusive rights to commercialize losmapimod outside the US, while Fulcrum retains US rights, Fulcrum said. The...
Market Chatter: Novo Nordisk Plans First Bond Sale in 2 Years
Market Chatter: Novo Nordisk Plans First Bond Sale in 2 Years
May 13, 2024
08:47 AM EDT, 05/13/2024 (MT Newswires) -- Novo Nordisk A/S ( NVO ) , through its finance subsidiary in the Netherlands, has hired banks to help it issue euro-nominated bonds in a benchmark offering with 2- to 10-year maturities, Bloomberg reported, citing a person familiar with the matter. Proceeds would be used for general corporate purposes, including financing its Catalent...
Copyright 2023-2026 - www.financetom.com All Rights Reserved