Li Ka-shing's Son Invited to China Forum Amid Panama Port Deal
Richard Li is invited as a founder of Pacific Century Group to the China Development Forum organized by the Development Research Center of the State Council, according to a list of representatives. The forum is held from Sunday to Monday, with the country's top leaders including Premier Li Qiang in attendance.
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Epoch Times
a day ago
- Epoch Times
Panamanian President Backs Lawsuits That Threaten Sale of Panama Canal Ports
If successful, the lawsuits could pave the way for Panama to take over the two key ports. An aerial view shows containers at the Balboa Port, operated by Panama Ports Company, at the Panama Canal, in Panama City, Panama, on Feb. 1, 2025. An aerial view shows containers at the Balboa Port, operated by Panama Ports Company, at the Panama Canal, in Panama City, Panama, on Feb. 1, 2025. Enea Lebrun/Reuters Panamanian President José Raúl Mulino on Thursday signaled that the Central American nation may take control of two ports at either end of the Panama Canal, potentially threatening the $22.8 billion sale plans of the ports' current owner, Hong Kong-based conglomerate CK Hutchison, to a U.S.-based investment company. The announcement came after Panama's comptroller general, Anel Flores, filed two cases with the nation's highest court seeking to invalidate a contract extension with Panama Ports Company, which would then allow Panama to establish its own public-private partnerships for the two ports. Panama Ports Company, 90 percent owned by CK Hutchison, has operated the Balboa and Cristobal ports since 1997 and renewed a 25-year concession in 2021. Story continues below advertisement Flores on Thursday criticized the renewal as 'unfair' and 'abusive,' alleging that it was signed without proper authorization and failed to deliver adequate financial returns. His first lawsuit seeks to outright nullify the concession, while the other asks the court to declare it unconstitutional. 'The ports are ours; they belong to the Republic of Panama, and therefore to all Panamanians,' Flores declared at a press conference on Thursday. 'It doesn't seem right to me that other people, in other places, are negotiating the future of assets that belong to us, the Panamanians.' The lawsuits have the backing of Mulino, who also endorsed an April 7 audit of Panama Ports Company by Flores's office, citing alleged royalty underpayments and irregularities in the concession renewal. The results of that audit have yet to be released. 'The Court now has a decision in its hands regarding the Comptroller's well-founded claim. We will wait for the verdict,' Mulino said on the lawsuits at the press conference on Thursday. 'The country will be fully informed about the decisions when they are made,' he said. 'But at this moment, I don't see the continuation of that Panama Port [Company] contract, amended or not.' Story continues below advertisement Should the court rule in favor of Flores, it could complicate U.S. asset management giant BlackRock's bid to gain control of the strategic shipping lanes. In March, BlackRock, along with Switzerland-based Mediterranean Shipping Company, formed a buyer consortium to acquire Panama Ports Company as part of a broader deal involving 42 CK Hutchison-owned container terminals worldwide. The deal remains subject to approval from the Chinese regime. On July 28, CK Hutchison announced that it would add a 'major strategic investor from mainland China' to the consortium, in an effort to secure approval from 'all relevant regulatory authorities.' The inclusion of a Chinese partner is expected to ease political pressure from Beijing, which has perceived the proposed sale as a threat to its overseas interests, particularly the transfer of strategic terminals near the Panama Canal to a consortium backed by a major U.S. financial institution. Since the announcement of the deal, Chinese state-aligned media have launched a coordinated propaganda campaign targeting CK Hutchison and its founder, 96-year-old billionaire Li Ka-shing. Story continues below advertisement Ta Kung Pao, a Hong Kong-based newspaper linked to the Chinese Communist Party (CCP), published a series of blistering commentaries accusing Li of 'betraying and selling out all the Chinese people' and urging him to 'think carefully about what position and which side to stand on.' Li, who officially retired in 2018, is personally involved in negotiating the port deal that's widely seen as an effort to offload assets caught in escalating geopolitical tensions between China and the United States. Since his reelection, U.S. President Donald Trump has repeatedly suggested that the United States should regain control of the Panama Canal, citing overcharges for its use on U.S. ships and the CCP's growing influence over the key waterway. 'Above all, China is operating the Panama Canal. And we didn't give it to China. We gave it to Panama, and we're taking it back,' Trump said in his second inaugural speech CK Hutchison and the White House did not respond to requests for comment by publication time. BlackRock declined to comment.
San Francisco Chronicle
a day ago
- San Francisco Chronicle
Hong Kong firm appeals for legal protection of investors as its Panama Ports contract faces lawsuits
HONG KONG (AP) — A subsidiary of a Hong Kong conglomerate entangled in U.S.-China tensions appealed on Friday for legal protection for businesses in Panama after the company's contract over its Panama Canal port assets has been faced with lawsuits in the Central American country. Respect for the rule of law is essential to assure businesses that Panama is a safe place to invest in, Panama Ports Company, under Hong Kong-based CK Hutchison Holdings, said in a statement. Panama's Comptroller General filed two lawsuits on Wednesday, seeking to declare unconstitutional a contract that granted the operation of ports at both ends of the canal to the Hong Kong subsidiary, and to nullify its renewal four years ago, saying it was 'abusive' of Panama's interests. In turn, Panama Ports Company said its operations have had a positive impact, from building world-class ports to creating more than 25,000 direct and indirect jobs and contributing billions of balboas — Panama's currency — to the country's economy. It said it wants to work with the government in Panama for a better future. 'Regarding the ongoing legal actions, we firmly believe that respect for legal protection and the rule of law are essential in order to provide businesses and investors with the certainty that Panama is a safe country to invest in,' it said. The company operates the ports of Balboa, in the Pacific, and Cristobal, in the Atlantic, under a concession contract approved in 1997 and renewed in 2021 for 25 more years. CK Hutchison is controlled by the family of Li Ka-shing, the southern Chinese city's richest man. Panama's comptroller authority in April said that an audit of Panama Ports Company found irregularities in the renewal of the concession. But the company denied allegations that it had failed to pay about $1.2 billion to the Central American country. Panama President José Raúl Mulino said during his weekly news conference on Thursday that he fully supported the comptroller's case and would await the court's verdict. 'We have all seen what that contract has costed the Panamanian nation over time,' Mulino said without elaborating. He alluded to some sort of public-private partnership for the ports, saying there was a lot of interest from private companies, but that it was in the early stages and provided no details. CK Hutchison Holdings' initial plan, announced in March, to sell its port assets in dozens of countries to a group that includes the U.S. investment firm BlackRock Inc., also got caught up in tensions between Beijing and Washington. U.S. President Donald Trump, who has alleged that China interferes with the canal, initially welcomed that plan. However, it apparently angered Beijing and drew a review by Chinese anti-monopoly authorities. After months of uncertainty, Hutchison said on Monday that it may seek a Chinese investor to join a consortium of buyers, which also includes BlackRock subsidiary Global Infrastructure Partners and Terminal Investment Limited, a subsidiary of the Mediterranean Shipping Company. The initial deal, valued at nearly $23 billion, including $5 billion in debt, would have given the consortium control over 43 ports in 23 countries, including the two at the Panama Canal. Panama Ports Company said Friday it would communicate with the Panamanian government 'at the appropriate time,' affirming that it believes engaging with the government 'is vital to discuss the way forward for' the company.
a day ago
Hong Kong firm appeals for legal protection of investors as its Panama Ports contract faces lawsuits
HONG KONG -- A subsidiary of a Hong Kong conglomerate entangled in U.S.-China tensions appealed on Friday for legal protection for businesses in Panama after the company's contract over its Panama Canal port assets has been faced with lawsuits in the Central American country. Respect for the rule of law is essential to assure businesses that Panama is a safe place to invest in, Panama Ports Company, under Hong Kong-based CK Hutchison Holdings, said in a statement. Panama's Comptroller General filed two lawsuits on Wednesday, seeking to declare unconstitutional a contract that granted the operation of ports at both ends of the canal to the Hong Kong subsidiary, and to nullify its renewal four years ago, saying it was 'abusive' of Panama's interests. In turn, Panama Ports Company said its operations have had a positive impact, from building world-class ports to creating more than 25,000 direct and indirect jobs and contributing billions of balboas — Panama's currency — to the country's economy. It said it wants to work with the government in Panama for a better future. 'Regarding the ongoing legal actions, we firmly believe that respect for legal protection and the rule of law are essential in order to provide businesses and investors with the certainty that Panama is a safe country to invest in,' it said. The company operates the ports of Balboa, in the Pacific, and Cristobal, in the Atlantic, under a concession contract approved in 1997 and renewed in 2021 for 25 more years. CK Hutchison is controlled by the family of Li Ka-shing, the southern Chinese city's richest man. Panama's comptroller authority in April said that an audit of Panama Ports Company found irregularities in the renewal of the concession. But the company denied allegations that it had failed to pay about $1.2 billion to the Central American country. Panama President José Raúl Mulino said during his weekly news conference on Thursday that he fully supported the comptroller's case and would await the court's verdict. 'We have all seen what that contract has costed the Panamanian nation over time,' Mulino said without elaborating. He alluded to some sort of public-private partnership for the ports, saying there was a lot of interest from private companies, but that it was in the early stages and provided no details. CK Hutchison Holdings' initial plan, announced in March, to sell its port assets in dozens of countries to a group that includes the U.S. investment firm BlackRock Inc., also got caught up in tensions between Beijing and Washington. U.S. President Donald Trump, who has alleged that China interferes with the canal, initially welcomed that plan. However, it apparently angered Beijing and drew a review by Chinese anti-monopoly authorities. After months of uncertainty, Hutchison said on Monday that it may seek a Chinese investor to join a consortium of buyers, which also includes BlackRock subsidiary Global Infrastructure Partners and Terminal Investment Limited, a subsidiary of the Mediterranean Shipping Company. The initial deal, valued at nearly $23 billion, including $5 billion in debt, would have given the consortium control over 43 ports in 23 countries, including the two at the Panama Canal. Panama Ports Company said Friday it would communicate with the Panamanian government 'at the appropriate time,' affirming that it believes engaging with the government 'is vital to discuss the way forward for' the company. Panama's government maintains it has full control over the canal and that the operation of the ports by Hutchison does not mean Chinese control of it.
