Hong Kongโs CK Hutchison Holdings has vowed to pursue all available legal options to defend its interests after a Panamanian court last month nullified its right to operate two ports along the countryโs canal, while acknowledging that keeping the operations running was beyond its control.
The conglomerate headed by Hong Kong tycoon Li Ka-shingโs family said on Thursday that it had invited the Panamanian government to enter consultations to resolve the court verdict and protect its rights and interests in the operation of the ports.
But it will no longer be able to operate the terminals once the ruling is implemented.
Although the ruling, which was handed down on January 29, has yet to be enforced, the group said authorities had โadvanced steps towards a forced exitโ of its subsidiary, Panama Ports Company (PPC), and were preparing to transition port operations โwith no clarity as to operational plansโ.
โCK Hutchison Holdings will continue to consult with its legal counsel regarding all available recourse including additional national and international legal proceedings against the Republic of Panama and its agents and third parties colluding with them in this matter,โ it said in a statement.
Previously, PPC was allowed to operate the two ports until 2047, after the 25-year concession was renewed in 2021.
It marks the second update from CK Hutchison in about a week in response to the ruling. On February 4, the company said it had started pursuing arbitration proceedings against the Panama government.