Cheung Kong (Holdings) Limited has requested negotiations with the Panamanian government to continue operating the two major ports of the Panama Canal.
Panama Canal – On Thursday, the Hong Kong-based Cheung Kong (Holdings) Limited requested the Panamanian government to negotiate regarding the continued operation of the two major ports of the Panama Canal. Previously, US President Trump repeatedly threatened that the US would reclaim the Panama Canal, which he referred to as a waterway controlled by China. Panama has always denied that China has control over this 50-mile (80-kilometer) waterway connecting the Atlantic and Pacific Oceans, which is mainly used by the US and China.
Last month, the Panamanian Supreme Court ruled that Cheung Kong's contract was invalid, stating that the contract was overly favorable to Cheung Kong and harmed Panama's interests.
After the ruling, Panama announced that Danish Maersk would take over the operations of the Port of Balboa and the Port of Cristobal on both sides of the canal. Cheung Kong (Holdings) stated it would take legal action.
A representative of the Cheung Kong (Holdings) subsidiary responsible for operating these two ports, Kourkulis, told Radio Red: "The company is willing to renegotiate all terms of the contract rejected by the Panamanian Supreme Court on constitutional grounds, and requests that Cheung Kong (Holdings) hold a roundtable meeting with representatives of the Panamanian administration to seek a reasonable solution."
Since 1997, Hutchison Whampoa has been responsible for managing the Port of Cristobal on the Atlantic side and the Port of Balboa on the Pacific side of the canal. The concession was extended for 25 years in 2021.
This canal handles about 40% of the container traffic in the US and 5% of global trade. It was built by the US and operated by the US for a century until 1999 when control was transferred to Panama.
Sources: rfi
Original: toutiao.com/article/1857639480181770/
Statement: This article represents the views of the author himself.