CK Hutchison has taken Panama to arbitration while Beijing has warned that the Central American country will pay a “heavy price” after its top court ruled to kick out the Hong Kong-based conglomerate from ports on its canal.
CK, whose subsidiary runs a pair of ports on the Panama Canal, said on Wednesday it had begun international arbitration proceedings against Panama over a court decision to annul its contract to operate the terminals.
The announcement followed a statement the day before from China’s Hong Kong and Macau affairs office in which it said Panama would “pay a heavy price both politically and economically” for the “absurd” decision.
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