Hong Kong firm begins arbitration proceedings over ruling against its Panama Canal port contract [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
Hutchison said it strongly disagreed with last week's ruling, and China warned Panama would pay “a heavy price" if it persisted. Panama's president has moved to assure the public that the ports would operate without interruption after the ruling, which advanced a U.S. aim to block any influence by China over the canal linking the Atlantic and Pacific oceans. Hutchison's subsidiary, Panama Ports Company, began arbitration proceedings Tuesday under the rules of the Paris-based International Chamber of Commerce, the company said in a statement. The rules are overseen by the chamber's International Court of Arbitration , an independent body, and it's unclear what the impact of the proceedings would be. The Panamanian president's office and commerce ministry did not immediately respond to requests for comment late Tuesday local time. The ruling draws ire from China The court ruling has drawn backlash from China, and the tensions may complicate Hutchison's plan to sell its port ass
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