CK Hutchison’s Panama-based subsidiary, Panama Ports Company (PPC), is preparing to initiate arbitration proceedings against Maersk over the takeover of two strategic ports near the Panama Canal, according to a report by Reuters.
The dispute centers on the Balboa and Cristobal terminals, located on the Pacific and Atlantic sides of the canal, respectively. PPC alleges that Maersk breached a long-term agreement by aligning with the Panamanian government in efforts to remove the company from its operations at Balboa and replace it with a Maersk-affiliated operator.
“Contrary to the contract, Maersk undermined the agreement and aligned itself with the Republic of Panama in connection with its state-led campaign against PPC and a scheme to replace it through a takeover that installed new port operators,” PPC said in a statement.
The company confirmed that the arbitration proceedings will take place in London and clarified that the claim against Maersk is separate from its ongoing legal action against the Panamanian state.
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