CK Hutchison has launched arbitration against Panama after its canal port concession was deemed unconstitutional by the Supreme Court, reports Caixin.
CK Hutchison has begun arbitration against Panama after the country's Supreme Court declared its concession contract for two canal ports unconstitutional, reports Caixin.
The Hong Kong conglomerate stated that its subsidiary, Hutchison Ports PPC, filed the case under International Chamber of Commerce rules, following the court's decision.
The company, backed by billionaire Li Ka-shing, disclosed the move in a filing. The board expressed strong opposition to the ruling and stated that it would continue consulting legal counsel while reserving all rights to pursue further remedies both domestically and internationally.
