Latest news with #PanamaPortsCo.
Bloomberg
09-04-2025
- Business
- Bloomberg
CK Hutchison Rejects Accusations Over Panama Ports Payments
CK Hutchison Holdings Ltd rejected accusations it failed to pay about 1.2 billion balboas ($1.2 billion) to the Panamanian state over the concession contract to run the two key ports in the Central American country. The accusations are 'absolutely contrary to reality.' and the company has invested more than 1.695 billion balboas, Panama Ports Co., a unit of the Hong Kong-listed conglomerate, said in a statement. That surpasses the 50 million balboas required under the original concession contract and the 1 billion balboas agreed under the addendum to operate the Balboa and Cristobal port terminals. Panama's comptroller general confirmed this in 2020 after a thorough audit process, the company said.
Bloomberg
08-04-2025
- Business
- Bloomberg
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.
