Panama Canal Port Operator Calls Audit Claims 'Contrary To Reality' [Barron's]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
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Source: Barrons
Panama, under pressure from the Trump administration to reduce alleged Chinese influence in the waterway, has accused the firm of failing to meet its contractual obligations and pushed for it to pull out of the country. A Panamian audit released Monday said it found "many breaches" of the concession awarded to Panama Ports Company (PPC), a subsidiary of Hong Kong conglomerate CK Hutchison. PPC denied the finding, saying any suggestion it "has failed to pay approximately $1,200 million balboas ($1.2 billion) to the Panamanian State is absolutely contrary to reality." Panama has denied the assertions that China exercises undue control over the waterway, but faced with Trump's repeated threats to seize the canal, launched an audit in January. The United States built the more than century old canal and handed it over to Panama in 1999. PPC won the concession to operate one port on the Pacific side and another on the Atlantic side in 1997, and then renewed for another 25 years i
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