Overview
- The ruling annuls Panama Ports Company’s licenses for the Balboa and Cristóbal terminals, with no transition plan specified by the court.
- President José Raúl Mulino said he is in contact with Maersk’s port unit about temporarily managing the two terminals.
- CK Hutchison rejected the decision as lacking legal basis, and its shares fell in Hong Kong, underscoring immediate market fallout.
- The judgment throws into doubt CK Hutchison’s near-$23 billion planned sale of global port assets to a BlackRock- and MSC-led consortium.
- Panama’s comptroller had alleged irregularities in the 2021 25-year extension and about $1.2 billion in unpaid remittances, while the dispute has drawn U.S. pressure and prompted a protest from Beijing.