Hong Kong Firm Did Not Uphold Panama Canal Ports Contract: Panama Audit [Barron's]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
NASDAQ:AMEX Investor Relations:
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Source: Barrons
The audit found "many breaches" of the concession awarded to a subsidiary of logistics giant CK Hutchison to operate the two ports, and concluded that Panama did not receive $1.2 billion it was owed under the contract. The subsidiary, called Panama Ports, benefited from many tax exemptions and also had irregularities in a previous audit that was used to justify an extension of the concession first awarded in 1997, said state comptroller Anel Flores. "This is a very delicate issue," Flores told reporters, adding that he would file a complaint with prosecutors in the coming days over the unpaid concession fees. The release of the audit results came hours before US Defense Secretary Pete Hegseth was set to arrive in Panama, which has come under strong pressure from Trump to reduce Chinese influence on the US-built canal. The United States has said it is a threat to its national security -- and the region as a whole -- for a Hong Kong company to operate ports at either end of the
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