7 months ago
Pro-Beijing Paper Criticizes Panama Court Ruling
A newspaper that supports Beijing is very upset about a decision made by Panama's highest court.
The court said a big company called CK Hutchison can't operate two ports in Panama anymore.
The newspaper thinks Panama made this decision because the US wanted them to.
The newspaper is warning other businesses from Hong Kong to be careful about investing in Panama.
The ports were part of a big sale deal involving companies from China, Italy, and the US.
The US government is happy about the court's decision, but China is not.
This whole situation is making the sale of the ports more complicated.
A pro-Beijing newspaper criticized Panama’s top court for voiding CK Hutchison’s contract to operate two ports.
The newspaper accused Panama of kowtowing to US pressure and urged Hong Kong businesses to halt investment in the region.
The ports are part of CK Hutchison’s proposed sale of 43 global facilities to a consortium including China Cosco Shipping Corp., Terminal Investment Ltd., and BlackRock Inc.
The transaction, announced in March last year, has become geopolitically fraught and could generate more than $19 billion if completed.
The newspaper warned that failure to correct the ruling could damage economic and trade ties between Panama and China.
- Who
- Pro-Beijing newspaper Ta Kung Pao, CK Hutchison Holdings Ltd., China Cosco Shipping Corp., Terminal Investment Ltd., BlackRock Inc., US Secretary of State Marco Rubio, Billionaire Li Ka-shing
- What
- Panama’s top court voided CK Hutchison’s contract to operate two ports, and a pro-Beijing newspaper criticized the ruling.
- Where
- The events involve Panama, Hong Kong, and the United States.
- When
- The commentary was published on Saturday, with the ruling and deal details announced previously.
- Why
- The newspaper accuses Panama of kowtowing to US pressure and urges Hong Kong businesses to halt investment in the region.
Key facts
- Company Involved
- CK Hutchison Holdings Ltd.
- Ports in Question
- Two ports in Panama
- Buying Consortium
- China Cosco Shipping Corp., Terminal Investment Ltd., BlackRock Inc.
- Potential Sale Value
- More than $19 billion
- Newspaper
- Ta Kung Pao
- US Secretary of State
- Marco Rubio
- Billionaire Involved
- Li Ka-shing
Quotes
Ta Kung Pao
A pro-Beijing newspaper
“Hong Kong businesses should take necessary risk precautions, avoid going there and refrain from investing unless necessary.”
livemint.com
“It’s clear to everyone that this ‘ruling’ hides ulterior motives.”
livemint.com
