Another storm brews for CK Hutchison under Panama ports partnership proposal
A state partnership would fundamentally alter the operating structure of two key Panama Canal ports and could trigger significant losses for Hong Kong billionaire Li Ka-shingās CK Hutchison Holdings, which was facing mounting hurdles over a US$23 billion asset sale, experts said.The Hong Kong-based conglomerate is in the grip of a legal and political firestorm in the Central American nation which threatens its control over the two politically sensitive ports at either end of the strategic waterway.Escalating the crisis, Panamaās president, Jose Raul Mulino, last week floated the idea of turning the portsā operation into a public-private ownership if a Supreme Court challenge to the companyās concession was successful.The Panamanian comptroller generalās office, an independent financial wat...