Hong Kong conglomerate seeks $1.5 billion in damages from Panama for takeover of canal ports

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

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

US-China tensionsHong Kong conglomerate was stripped of concessions in geopolitically charged caseA vessel sails through the Panama Canal on March 27: A unit of Hong Kong conglomerate CK Hutchison lost the rights to run ports at both ends of the waterway coveted by U.S. President Donald Trump. © ReutersKENJI KAWASEAugu

Hong Kong-based CK Hutchison has launched international arbitration against Panama, seeking more than HK$11.7 billion (US$1.5 billion) in damages over the government’s takeover of two strategic ports at either end of the Panama Canal. Announcing the move on Thursday, the Li Ka-shing family-backed conglomerate said Pana