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CK Hutchison Holdings Ltd has commenced arbitration against AP Moller-Maersk A\/S after Panama\u2019s forced takeover of its two ports in the country, intensifying a legal battle over control of the assets.<\/p>\n
(April 8): CK Hutchison Holdings Ltd has commenced arbitration against AP Moller-Maersk A\/S after Panama\u2019s forced takeover of its two ports in the country, intensifying a legal battle over control of the assets.<\/p>\n
The arbitration, filed by CK Hutchison\u2019s local unit Panama Ports Co, will be heard in London and is separate from its over US$2 billion ($2.55 billion) damages claim against the Panamanian government, the company said in a statement Wednesday.<\/p>\n
CK Hutchison, founded by Hong Kong billionaire Li Ka-shing, didn\u2019t specify its claims against Maersk, whose unit APM Terminals was appointed by Panama as interim operator of one of the contested ports.<\/p>\n
The move escalates the dispute over the Balboa and Cristobal ports along the strategic Panama Canal, which has become a proxy in US-China rivalry. Beijing has warned of a \u201cheavy price\u201d after the Central American country annulled CK Hutchison\u2019s contract under pressure from President Donald Trump.<\/p>\n
The ports are part of CK Hutchison\u2019s broader attempt to sell 43 global terminals to a consortium backed by US investment firm BlackRock Inc for more than US$19 billion in cash. The plan, announced in March last year, angered Beijing, which viewed it as bowing to US pressure.<\/p>\n
To gain China\u2019s approval, CK Hutchison later invited state-owned China Cosco Shipping Corp into the consortium, which also includes Italian billionaire Gianluigi Aponte\u2019s MSC Mediterranean Shipping Co.<\/p>\n
After Panama\u2019s takeover of the two ports, Beijing has asked state firms to halt talks over new projects in the country, and advised shipping companies to reroute cargo where feasible, Bloomberg reported in February. Cosco has suspended services at Balboa, while the US accused China of harassing and detaining Panama-flagged ships \u2014 allegations Beijing has denied.<\/p>\n
CK Hutchison\u2019s deal is now in a limbo, with stakeholders hoping for a political breakthrough, such as a potential meeting between Trump and China\u2019s leader Xi Jinping next month to move talks forward. But uncertainty over the US\u2019s war with Iran has further clouded the prospects.<\/p>\n
Uploaded by Chng Shear Lane<\/p>\n
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