Panama voids Hong Kong-based firm's canal port contracts
AI Summary
Panama's Supreme Court annulled contracts allowing a Hong Kong-based company, PPC, to operate container ports on the Panama Canal. The court deemed the laws underpinning the concession contract unconstitutional. The ruling follows previous claims by U.S. officials, including Donald Trump and Marco Rubio, regarding China's alleged control over the canal, claims Panama has rejected. PPC, which has invested over $1.8 billion in the ports since 1997, stated the ruling lacks legal basis and jeopardizes Panamanian families dependent on port activity. China's Foreign Ministry said it would take all necessary measures to resolve the issue. The decision comes amid U.S.-China rivalry over global trade routes and concerns about China's influence, particularly given Beijing's tighter control over Hong Kong.
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