CK Asset strongly opposes Panama's port ruling and will proceed with arbitration decisively
After the Supreme Court of Panama ruled that the extension of the concession contract for the Panama Canal port by a Hong Kong-based company was invalid, CK Asset announced on February 4 that the board strongly opposed Panama's ruling and corresponding actions, and would actively and decisively proceed with arbitration against Panama.
The Supreme Court of Panama ruled on January 29 that the concession agreement under which a subsidiary of CK Asset operates the Panama Canal port was unconstitutional. The ruling stated that the relevant contract contained provisions that were "excessively biased" in favor of CK Asset.
The decision of the Supreme Court of Panama may take effect in early February this year. CK Asset stated that its company had received legal opinions indicating that the decision announced by the Supreme Court of Panama, as well as the corresponding actions taken by the Panamanian government regarding the operation of the docks at the two ports by its subsidiary, are inconsistent with the relevant legal framework and the laws that approved the concession agreement.
The announcement also stated that the subsidiary of CK Asset has already initiated and will continue to proceed with arbitration against Panama in a proactive and decisive manner, according to the applicable concession agreement and the arbitration rules of the International Chamber of Commerce.
CK Asset concluded in the statement that the board strongly opposes Panama's ruling and corresponding actions, and will continue to consult its legal counsel and retain all rights, including pursuing further domestic and international legal procedures regarding the matter.
The Office of the State Council for Hong Kong and Macao issued an article signed by "HK and Macao Peace" on February 3, stating that China never surrenders to power politics and hegemonism, and has sufficient means, tools, strength, and capability to maintain a fair and just international economic and trade order. Panama should recognize the situation and return to the right path. If it persists in its course, it will pay a heavy price both politically and economically!
US President Trump stated in his inaugural speech on January 20 last year that he intended to control the Panama Canal. US Secretary of State Rubio visited Panama on February 2 and told the country's president, Jose Raúl Mulino, that given the so-called growing Chinese influence in the region, Trump did not want to maintain the status quo of the Panama Canal. Subsequently, the Panamanian leader said that the country's government would no longer renew the Memorandum of Understanding under the Belt and Road Initiative with China.
Original: toutiao.com/article/1856157319521481/
Statement: This article represents the views of the author himself