Panama Ports Company (PPC), a subsidiary of CK Hutchison Holdings, issued a statement on March 24 announcing it has increased its claim against the Panamanian government in an international arbitration proceeding to over $2 billion. The escalation follows the government's alleged improper seizure of the Balboa and Cristobal container terminals and occupation of PPC's assets for over a month. Specifically, on March 24, 2026, PPC submitted supplementary materials to the International Court of Arbitration, asserting that the Panamanian government has continued to employ extreme administrative measures over the past month. These actions include forcibly taking over and occupying the two container terminals, confiscating proprietary and legally protected documents, and a series of other related misconduct. PPC stated these actions demonstrate a pattern of targeting by the Panamanian government that has persisted for over a year and is intensifying. The Panamanian government has persistently chosen confrontation, failing to coordinate regarding the use of assets or compensation, and has instead directed false statements at PPC and its assets. PPC noted that the international arbitration is proceeding under the rules of the International Chamber of Commerce's International Court of Arbitration. While the Panamanian government continues its actions against PPC locally, it has yet to file its initial defense in the arbitration proceedings. In fact, the government has explicitly stated it has not yet appointed legal counsel, using this as a reason for delay. As PPC previously warned, the government appears to be attempting to slow the arbitration process, involve third parties unrelated to the relevant contracts, and continue its aggressive campaign to create a chilling effect and intimidate foreign investors. PPC reserves the right to respond to all matters raised by the Panamanian government.