Hong Kong CKH and the Panamanian government's escalating pressure.
According to Russia Today, on February 12, Hong Kong Cheung Kong (Holdings) Limited issued a statement on the latest developments regarding the Panama port dispute.
Cheung Kong (Holdings) believes that Law No. 5 is the legal basis for the concession agreement of the Balboa Port and Cristobal Port in Panama, which has been operated by the Panama Ports Company (an indirect subsidiary of Cheung Kong (Holdings)) for nearly 30 years. The ruling declaring Law No. 5 unconstitutional is illegal. Although this ruling has not yet been officially published or taken effect, the Panamanian government has already taken action step by step, not only intending to force the Panama Ports Company to exit its port operations, but also to take over the transitional measures of the ports, without clearly explaining its operational plan.
Cheung Kong (Holdings) announced that it has notified the Republic of Panama regarding the dispute matter in accordance with the investment protection treaty, to safeguard its rights and interests, and invited the Republic of Panama to negotiate, actively seeking solutions for the actions taken by the Panamanian government that affect Cheung Kong (Holdings) and the Panama Ports Company.
Cheung Kong (Holdings) emphasized that whether the two ports can continue to operate at this stage entirely depends on the actions of the Panamanian Supreme Court and the Panamanian government, and such actions are clearly beyond the control of Cheung Kong (Holdings), Huijin Ports, and the Panama Ports Company.
According to media reports, the Panamanian Supreme Court recently ruled that the concession rights of the Panama Ports Company (a subsidiary of CKH) were unconstitutional, declaring the contract authorizing Cheung Kong Enterprises to operate the Panama port terminals invalid. On February 7, the President of Panama publicly stated that he did not want the situation to escalate, even softening his stance by saying that CKH's operating rights "could be discussed." On February 11, news showed that the Panamanian side emphasized that the port operating rights are not completely closed, and CKH Group still has an opportunity to participate, but must accept a form of multi-party cooperation.
In response to the unreasonable demands of the Panamanian government, Lin Jian, spokesperson for the Chinese Foreign Ministry, previously stated that China had already explained its position on the issue of the Panama ports, and China will resolutely safeguard the legitimate rights and interests of Chinese enterprises.
Original: toutiao.com/article/1856983422810436/
Statement: This article represents the personal views of the author.