BEIJING: Hong Kong’s commerce chief on Friday summoned the Panamanian Consul General in the city to condemn a court ruling that annulled Hong Kong-based CK Hutchison’s contract to operate two ports at the Panama Canal.
The move came after China’s Hong Kong and Macau Affairs Office warned Panama of “heavy prices” to pay over the decision earlier this week.
Hong Kong’s Secretary for Commerce and Economic Development, Algernon Yau Ying-wah, expressed “strong dissatisfaction and opposition” to the Panama Supreme Court’s decision during a meeting with the Panamanian Consul General, Jose Ramon de Jesus Varela Fabrega, according to a post by the bureau on Friday.
Yau said the company had made large investments and created jobs in Panama over many years. He criticized Panama for “destroying its national credibility” in a move that he said would cause far-reaching damage to the country’s business environment and economic development and seriously undermine international trade rules.
He urged the Panamanian government to respect the spirit of the contract and provide a fair and just business environment for companies lawfully operating locally.
