Hong Kong-based CK Hutchison announced it seeking $1.5 billion in damages through international arbitration proceedings launched against Panama on Wednesday over the loss of two key Canal contacts this year.
\n\nThe company claimed on its website that it launched the arbitration against Panama and is seeking the claimed amount in damages over what it described as the “destruction” of its investments in the Central American nation.
\n\n“Panama has demonstrated that it has become a risky country that disregards the rule of law, corporate form, the scope of parties to a contract, the scope of arbitration agreements, treaty rights and the resolution of treaty disputes,” the company’s statement read in part.
\n\nThe government of Panama has not publicly commented on the start of the arbitration process with CK Hutchison at press time.
\n\nCK Hutchison noted on Wednesday that its new international arbitration process against Panama is separate from the one initiated by one of its subsidiaries, Panama Ports Company (PPC), which is seeking $2 billion in damages over the annulment of the two Panama Canal contracts by the nation’s Supreme Court.
\n\n“CK Hutchison’s treaty rights are distinct from PPC’s contract rights being pursued in a separate contract arbitration, which then proceeded…
Original source: https://www.breitbart.com/latin-america/
