Panama

Panama’s Supreme Court has annulled the legal basis for long-standing port concessions held by Panama Ports Company, a subsidiary of Hong Kong-based CK Hutchison, casting uncertainty over ownership of container terminals at the Panama Canal’s Pacific and Atlantic gateways and complicating a planned $23 billion ports sale. After “extensive deliberation,” the court found the laws and acts underpinning PPC’s concession for the development, construction, operation and management of terminals at Balboa and Cristobal…

Panama’s Supreme Court has annulled the concession framework underpinning Panama Ports Company’s long-running contracts at the Panama Canal’s Atlantic and Pacific gateways, casting immediate uncertainty over who will control the Balboa and Cristóbal container terminals and complicating CK Hutchison’s proposed $23 billion sale of its global ports business to a consortium led by BlackRock and Mediterranean Shipping Company. In a ruling issued after what it called “extensive deliberation,” the court found the laws and state…