The dispute arose over a decision made by the Supreme Court of Panama in January, which annulled the contract allowing Panama Ports Company (PPC) – a division of CK Hutchison – to manage the Balboa port on the Pacific side of the Panama Canal and the Cristobal port on the Atlantic side. This decision was made following statements by U.S. President Donald Trump that China effectively controls the canal.
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On Thursday, the company announced that it had initiated an international arbitration process against Panama for “violations of the investment protection agreement,” which resulted in the cancellation of the concession and the takeover of the two ports.
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