CK Hutchison's Panama unit files arbitration against Maersk over ports takeover [Yahoo! Finance Canada]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance Canada
of two ?strategic ports near the Panama Canal which are at the center ?of a legal battle that has embroiled Beijing and Washington. In a statement, Panama Ports Company (PPC) said Maersk ?broke a long-term contract by siding with the Panamanian government to help remove PPC from its operations at the Balboa port and replace it with a Maersk-affiliated operator. "Contrary to the contract, Maersk undermined the agreement and aligned itself with the Republic ?of Panama in connection with ?its state-led campaign against PPC and a scheme to replace it through a takeover that installed new port operators," PPC said ?in a statement. Panama's Supreme Court in late January invalidated the legal framework supporting the 1997 concession granting PPC the right to operate the Pacific-facing Balboa and Atlantic Cristobal ?terminals ?on either side of the Panama Canal. By ?the following month, the government had ?awarded temporary contracts for subsidiaries of Maersk and the Mediterranean Sh
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News
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- Hong Kong firm files arbitration against Maersk, saying it schemed with Panama over port takeover [Yahoo! Finance]Yahoo! Finance
- CK Hutchison's Panama unit files arbitration against Maersk over ports takeover [Yahoo! Finance]Yahoo! Finance
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