CK Hutchison demands $2 billion in arbitration after Panama seized two canal ports, citing breach of contract and anti-investor actions.
CK Hutchison has filed for international arbitration, demanding at least US$2 billion in compensation after Panama seized two of its ports on the canal, reports Caixin.
Hutchison Ports PPC, a unit of the Hong Kong conglomerate, stated in a release that it would relentlessly pursue full compensation for what it described as Panama's severe breach of contract and anti-investor actions.
The dispute arises as CK Hutchison attempts to sell its global portfolio of 43 ports to a consortium led by BlackRock Inc. This deal is being closely monitored amid potential involvement from Chinese state-owned shipping giant Cosco.
