CK Hutchison Demands $2B from Panama over Port Seizure

0:00It's March 7, and here's what's happening across the world right now. A subsidiary of Hong Kong's CK Hutchison Holdings is demanding $2 billion in compensation from Panama. The company, Panama Ports Company, claims the recent takeover of two key ports on the Panama Canal was illegal. They have already launched international arbitration proceedings over the matter. Panama's government seized the Balboa and Cristobal ports last week. This followed a Supreme Court ruling that declared the company's concession to operate them unconstitutional. The firm had run the port since 1997 and renewed its contract just three years ago for 25 more years. The dispute has drawn global attention. Last year, former President Donald Trump accused China of controlling the canal. Meanwhile, a plan $23 billion sale of these and other ports to a group including BlackRock has stalled, with Beijing voicing strong. Objections, company officials corrected Panama's economy minister, who had claimed they

1:01sought only $1.5 billion. They insist on pursuing full damages for what they call radical breaches by the Panamanian State. CK Hutchison says Panama occupied the ports without transparency, taking property and staff. The company vows to fight on through national and international courts. This story is made possible by a sponsor. See the episode description. When you need a moment alone, just lay back and listen, S-O-L-I, solelypillow.com.