The Supreme Court of Panama has annulled the concession for two ports operated by the Hong Kong-based company CK Hutchison. China has called the ruling 'absurd' and 'extremely ridiculous,' warning Panamanian authorities of a 'high price' if they do not reverse the decision. According to a statement from the Hong Kong and Macao Affairs Office of the State Council, the decision is a 'serious violation of the rule of law and the spirit of the contract.' The office also accused Panama of 'succumbing to the tyranny of hegemony' and becoming a 'tool' of other countries. Panamanian authorities, in turn, cite an audit that revealed 'numerous irregularities' in the contract. CK Hutchison, which has operated the ports since 1997, accused Panamanian authorities of 'brutally and savagely' stripping it of its exploitation rights. The Chinese office warned that if Panamanian authorities persist in their decision, they will 'inevitably pay a high political and economic price'.
China Condemns Panama Over Port Concession Ruling
Panama's Supreme Court cancelled a port concession for a Hong Kong firm. China deemed the ruling illegal and politically motivated, threatening serious consequences for Panama.
