Panama Says CK Hutchison Owes $300 Million, Concession in Doubt
A local unit of CK Hutchison Holdings Ltd. that's being sold to BlackRock Inc. owes $300 million to the government of Panama and didn't comply with contract renewal procedures, casting doubt over the concession's legality, Comptroller Anel Flores said.
The unit, Panama Ports Co., didn't receive required approvals from the comptroller's office for a contract extension in 2021 and also used a series of tax-exempt subcontractors to lower the amount it pays to the government, Flores said. The company has also breached its agreement to share 10% of net income with Panamas government, Flores said Monday following an audit.
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