US EditionContract for Hong Kong company to operate Panama Canal ports had irregularities, audit finds
- Auditors in Panama reported that CK Hutchison violated its contract for operating the Balboa and Cristobal ports, causing Panama around $300 million in lost revenue, according to Comptroller-General Anel Flores.
- The audit determined that CK Hutchison owed Panama $1.2 billion under the contract, leading Flores to file a complaint with prosecutors over unpaid fees.
- The findings were announced as U.S. Defense Secretary Pete Hegseth visited Panama, although Flores denied any connection between the visit and the audit's release.
- Some analysts suggest the audit was intended to help Panama cancel the concession, as U.S. President Donald Trump insists on regaining control of the Panama Canal.
47 Articles
47 Articles
CK Hutchison, a company that would sell its Panama Canal ports, denies millionaire debt
CK Hutchison Holdings Ltd rejected the allegations that it did not pay about 1.2 billion balboas ($1.2 billion) for the concession contract to operate two ports of the Panama Canal. The accusations are “absolutely contrary to reality.” The company has invested more than 1,695 million balboas, according to Panama Ports Co., a subsidiary of the conglomerate listed on the Hong Kong Stock Exchange. This figure exceeds the 50 million balboas required…
Panama releases audit results; Cheung Kong subsidiary suspected of violating regulations in port operation rights
Panama Ports Corporation, a subsidiary of Hong Kong Cheung Kong Group, has been accused of multiple violations in the renewal of the Panama Canal Port operating rights contract. The authorities said they would prosecute the officials who approved the renewal and submit the audit results to the maritime department.
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