Ports row prompts Hong Kong investors to reassess stakes in Panama: John Lee

Hong Kong investors are reviewing their stakes in Panama amid a dispute over a concession held by a subsidiary of CK Hutchison to operate two ports in the country, the city’s leader has said, pledging to work with Beijing to push back.Chief Executive John Lee Ka-chiu on Tuesday also urged Panamanian authorities to ensure “fair and reasonable” treatment for Hong Kong firms operating in the country.“The incident has undermined investors’ confidence in Panama’s business environment, and [they] will review current and future investment in the country,” he said before a weekly meeting of the city’s top decision-making body, the Executive Council.“Hong Kong enterprises’ operation and investment in Panama should be entitled to fair and reasonable treatment and protection.”Lee’s remarks came days after commerce minister Algernon Yau Ying-wah summoned the Panamanian envoy in Hong Kong to convey the government’s condemnation of a court ruling that invalidated the concession to operate two ports at opposite ends of the Panama Canal.The judgment, handed down by the Supreme Court of Justice last month, declared that the contracts allowing Panama Ports Company (PPC), a subsidiary of the conglomerate led by billionaire Li Ka-shing, to operate the Balboa and Cristobal terminals were unconstitutional.John Lee has urged Panamanian authorities to ensure “fair and reasonable” treatment for Hong Kong firms. Photo: Elson Li