Panama Says CK Hutchison Owes $300 Million, Putting Port Sale in Limbo [Yahoo! Finance]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
Panama's top auditor accused CK Hutchison Holdings of owing the government hundreds of millions, and breaching an agreement to share 10 percent of net income with the Panamanian government as part of its 25-year contract extension signed in 1997. More from Sourcing Journal Bangladesh Halts Yarn Imported Via Land Ports- Exporters Call it 'Suicidal' China's Antitrust Regulator Preps Probe of Panama Ports Deal Panama Canal Opens 'Net-Zero' Transit Slot for Low-Emissions Ships Following the conclusion of an audit that began in January, Panama's comptroller general Anel Flores told reporters Monday that his office found some payment defaults and accounting miscalculations into the renewed contract. “There are breaches, non-payments and countless things that were wrongly calculated,” Flores told reporters in Panama City. “There are many violations that will have to be explained. The investigation claimed that CK Hutchison subsidiary Panama Ports generated $3.78 billion from i
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