On March 6, the Panama Port Company, a subsidiary of Hong Kong-based CK Infrastructure Holdings Limited, issued a statement saying that it has taken further actions to hold the Panamanian government accountable for its illegal takeover of two container terminals at Balboa Port and Cristobal Port on February 23 this year and thereafter. The Panama Port Company has initiated an international arbitration against the Panamanian government under the rules of the International Chamber of Commerce, seeking compensation of at least USD 2 billion.
The statement said that the company has submitted further applications to the Panamanian Maritime Authority, requesting the immediate return of its proprietary and legally protected documents and materials. These documents were illegally seized by the Panamanian government without any valid court authorization, as they were stored in private storage facilities by a private company. The Panamanian government wrongly claimed that these documents related to the transfer of port operations and acted solely based on this claim.
The statement emphasized that the Panama Port Company and CK Infrastructure will not yield an inch and are not merely seeking symbolic compensation but will fully pursue all their entitled rights concerning the serious breach of contract and anti-investor actions by the Panamanian government. The Panama Port Company and CK Infrastructure permanently reserve all legal rights and claims against the Panamanian government, its agents, and any third parties.
On the same day, CK Infrastructure issued another statement saying that it disagrees with the biased actions taken by the Panamanian government recently and will continue to assess the situation with its legal advisors and pursue all feasible domestic and international legal procedures regarding this matter.
In early January this year, the Panamanian Supreme Court declared invalid the contract authorizing the Panama Port Company, a subsidiary of CK Infrastructure, to operate the Panama ports, citing so-called "unconstitutionality."
On the day the relevant ruling took effect on February 23, the Panamanian government forcibly entered the two container terminals at Balboa Port and Cristobal Port, taking administrative and operational control of both terminals, while prohibiting representatives of the Panama Port Company from entering these two container terminals.
Three days later, on February 26, the Panamanian government suddenly raided the Panama Port Company's office and confiscated the company's documents and materials.
It is reported that in 1997, the Panama Port Company was granted a 25-year concession for these two ports, which automatically renewed for another 25 years upon expiration in 2010 according to the contract.
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Original: toutiao.com/article/7615056371164004891/
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