China Condemns Panama Court's Ruling on Port Contracts
China has criticized a Panama court's annulment of CK Hutchison's contracts to operate Panama Canal ports as 'absurd' and 'shameful'. The decision jeopardizes the company's proposed $23 billion sale of port operations. China's Hong Kong and Macau Affairs Office claims the ruling undermines legitimate business rights.
- Country:
- China
A recent ruling by a Panama court has attracted sharp criticism from China, which described it as 'absurd', 'shameful', and 'pathetic'. The ruling concerns the annulment of CK Hutchison's contracts to operate two Panama Canal ports, a move China has vowed to contest vigorously.
The Panama Supreme Court annulled contracts that had been in place since the 1990s, affecting the Panama Ports Company, a CK Hutchison subsidiary. This action places a proposed $23 billion sale of the ports, led by BlackRock and Mediterranean Shipping Company (MSC), into uncertainty.
'The ruling ignored the facts, breached trust, and seriously damages the legitimate rights and interests of enterprises in Hong Kong, China,' read a statement by China's Hong Kong and Macau Affairs Office, which was posted on their social media account.
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