CK Hutchison Unit Lifts Arbitration Claims Against Panama to Over $2 Billion
MT Newswires Live
Mar 26
CK Hutchison (HKG:0001) unit Panama Ports Company has expanded its international arbitration claims against the Republic of Panama to more than $2 billion, following the government's takeover of port terminals and assets, according to a Tuesday press release.
The company said it supplemented its claims, citing damages from the occupation of terminals at Balboa and Cristóbal, as well as the seizure of property and documents over the past month.
The dispute follows Panama's alleged failure to meet a deadline to file its response in arbitration proceedings under the International Chamber of Commerce, after seeking more time to appoint legal counsel.
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