Panama targeted Canal ports contract, China company claims [Yahoo! Finance]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
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Source: Yahoo! Finance
Panama Ports Company, a unit of Hong Kong-based CK Hutchison ( 0001.HK ), said Wednesday that it has commenced arbitration proceedings against Panama over its concession contract at the International Chamber of Commerce in Paris. “The commencement of arbitration by PPC follows a campaign by the Panamanian State specifically targeting PPC and its concession contract spanning a year that has been marked by a range of abrupt actions by the Panamanian State culminating in grave and imminent further damage to PPC, while similar port sector contracts have not been targeted,” the company said in a statement. It did not provide details, or say why it was targeted. Earlier this week Panama's Supreme Court ruled that the ports contract was unconstitutional. The Panama Canal Authority has chosen APM Terminals, a unit of Maersk ( MAERSK-B.CO ) of Denmark, to operate the ports of Balboa and Cristobal until a contract can be re-bid. Published reports said the authority has held discussions w
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