CK Hutchison subsidiary slams Panama for missing arbitration deadline

A subsidiary of Hong Kong conglomerate CK Hutchison has accused Panama of missing a deadline for international arbitration initiated by the company, as it confirmed its offices had earlier been raided by alleged “armed security forces”.Panama Ports Company (PPC) on Tuesday also accused authorities of silencing the country’s press and disregarding the rule of law, as it continued to paint the Central American nation as a risk to foreign investors following the seizure of its two terminals.The company, a subsidiary of the conglomerate owned by Hong Kong tycoon Li Ka-shing, is seeking US$2 billion in damages over what it described as the “illegal takeover” of its terminals at the Balboa and Cristobal ports in February.In a statement, PPC said that Panama had failed to file a response to the company’s request for arbitration by a deadline last Friday, which had been set by the International Chamber of Commerce’s Court of Arbitration.PPC claimed the government had said it was “not prepared” and would not be able to provide a response in time because it had not hired any lawyers, “was not familiar with the dispute” and needed time to develop a plan.It also accused Panamanian authorities of failing to follow up on attempts by the company and its investors to find a solution to the matter.“A state that respects foreign investors does not disregard consultations and international dispute procedures,” it said.