Pro-Beijing Paper Blasts Panama’s Ruling Against CK Hutchison
Cheung Kong Center building, which houses the headquarters of CK Hutchison Holdings Ltd. and CK Asset Holdings Ltd., center, in Hong Kong.
Photographer: Paul Yeung/BloombergA pro-Beijing newspaper has slammed a decision by Panama’s top court to void CK Hutchison Holdings Ltd.’s contract to operate two ports, accusing the ruling of kowtowing to US pressure and urging Hong Kong businesses to halt investment in the region.
The ruling shows Panama’s lack of judicial independence and its willingness to use legal mechanisms to accommodate US demands, according to the commentary published in Ta Kung Pao on Saturday. The two ports are part of CK Hutchison’s proposed sale of 43 global facilities to a consortium comprising China Cosco Shipping Corp., Italian billionaire Gianluigi Aponte’s Terminal Investment Ltd. and US investment firm BlackRock Inc.