CK Hutchison seeks $1.5 billion from Panama in treaty dispute arbitration

Aug 20 : CK Hutchison said on Thursday it had launched international arbitration proceedings against Panama and was seeking damages of more than $1.5 billion for the "destruction" of its investments in the Central American nation.CK Hutchison said Panama breached an investment protection treaty after a series of measures over the past two years that culminated in the "destruction of the concession contract for the ports of Balboa and Cristóbal and takeover of the port terminals"."The board strongly disagrees with the measures taken by Panama in violation of the treaty," the Hong Kong-based conglomerate said.The conglomerate, owned by Hong Kong's richest man, Li Ka-shing, has been caught in a diplomatic tussle since U.S. President Donald Trump objected to Chinese ownership of ports along th