Overview
- Panama’s Supreme Court on January 29 nullified CK Hutchison’s Panama Ports Company concessions for the Balboa and Cristóbal terminals after lawsuits citing irregularities.
- Bloomberg reports China has told state-owned firms to pause new projects in Panama and increased customs checks on Panamanian goods, which Beijing did not directly deny when asked.
- Hong Kong commerce chief Algernon Yau summoned Panama’s consul general to condemn the decision, saying it damaged the country’s business climate and undermined trade rules.
- President José Raúl Mulino said the ruling is final and warned Panama will not be threatened, as authorities ready a Maersk affiliate to ensure continuity at the terminals.
- Panama Ports Company has begun ICC arbitration against the government to challenge the annulment.