BEIJING: Hong Kong’s commerce chief on Friday (Feb 6) summoned the Panamanian Consul Common within the metropolis to sentence a courtroom ruling that annulled Hong Kong-based CK Hutchison’s contract to function two ports on the Panama Canal.
The transfer got here after China’s Hong Kong and Macau Affairs Workplace warned Panama of “heavy costs” to pay over the choice earlier this week.
Hong Kong’s Secretary for Commerce and Financial Improvement, Algernon Yau Ying-wah, expressed “robust dissatisfaction and opposition” to the Panama Supreme Court docket’s resolution throughout a gathering with the Panamanian Consul Common, Jose Ramon de Jesus Varela Fabrega, based on a submit by the bureau on Friday.
Yau stated the corporate had made giant investments and created jobs in Panama over a few years. He criticised Panama for “destroying its nationwide credibility” in a transfer that he stated would trigger far-reaching injury to the nation’s enterprise surroundings and financial growth and severely undermine worldwide commerce guidelines.
He urged the Panamanian authorities to respect the spirit of the contract and supply a good and simply enterprise surroundings for firms lawfully working domestically.
“Hong Kong firms working and investing in Panama ought to obtain truthful and affordable therapy and protections,” Yau stated.
CK Hutchison has moved to challenge the ruling, with its Panama Ports Firm unit launching worldwide arbitration proceedings.
Panamanian President Jose Raul Mulino on Thursday referred to as the courtroom’s resolution definitive and stated he did not count on the scenario to escalate.
“Panama is a dignified nation and won’t permit itself to be threatened by any nation on earth,” he stated.
