💰 Hong Kong Conglomerate Seeks $1.5 Billion in Damages
Published by OOPSONLINE.IN · Source: The Atlanta Journal-Constitution · 1 min read · · Updated
What actually happened
CK Hutchison is seeking over $1.5 billion from Panama for damages to its investments after the country seized two ports at the ends of the Panama Canal. A subsidiary of the Hong Kong conglomerate had run the ports for years, but Panama seized them in February after its Supreme Court deemed the company's concession unconstitutional. CK Hutchison said Thursday it had started arbitration against Panama. The ports have been caught in U.S.-China tensions after U.S. President Donald Trump last year accused China of “running” the Panama Canal. CK Hutchison had planned to sell its global ports busines
Key points
- CK Hutchison is seeking over $1.
- 5 billion from Panama for damages to its investments after the country seized two ports at the ends of the Panama Canal.
- A subsidiary of the Hong Kong conglomerate had run the ports for years, but Panama seized them in February after its Supreme Court deemed the company's concession unconstitutional.
- CK Hutchison said Thursday it had started arbitration against Panama.
Summary based on data provided by The Atlanta Journal-Constitution. Full article available at the original publisher.
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