The Hong Kong Special Administrative Region Government today voiced strong opposition to the Panamanian government’s forced takeover yesterday of the two Panamanian ports operated by Hutchison Ports Panama Ports Company and the termination of the company’s operating rights.
The Hong Kong SAR Government added that the Panamanian government’s move undermines the spirit of contractual obligations, and reiterated its firm commitment to safeguarding the legitimate rights and interests of Hong Kong enterprises overseas.
Secretary for Commerce & Economic Development Algernon Yau today lodged a protest with the Consul General of Panama in Hong Kong.
The Hong Kong SAR Government said that a ruling made by Panama’s Supreme Court of Justice declaring the operation by the company of the two Panamanian ports unconstitutional, disregarded fact and was a breach of faith. It highlighted that the company had initiated arbitration proceedings and that these were underway prior to the ports’ takeover.
Condemning the takeover, the Hong Kong SAR Government said it gravely damages the Hong Kong firm’s legitimate rights and interests.
It urged the Panamanian government to respect contracts, provide a fair and just business environment for companies operating legally in Panama, and ensure that the legitimate rights of enterprises are free from any interference. Hong Kong enterprises operating and investing in Panama should, it added, receive fair and reasonable treatment and protection.
The Hong Kong SAR Government stressed that the company has made vast investments in Panama, and created abundant jobs over the years. It said the court’s ruling and the unjust action by the Panamanian government have sabotaged Panama’s creditworthiness and gravely undermined international trade rules.
