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Panama has launched a formal investigation into a controversial port contract awarded to CK Hutchison, a Hong Kong-based conglomerate, over the operation of two major ports in the country. Attorney General Luis Carlos Gomez announced the probe Tuesday following criticism from Comptroller General Anel Flores, who claimed Panama forfeited $1.3 billion in potential revenue through generous tax incentives granted during the 2021 contract renewal.
The 25-year concession was awarded to Panama Ports Company, in which CK Hutchison holds a 90% stake, to operate the Balboa and Cristobal ports. The deal has been under audit since January, with Flores revealing the review is nearly complete. He stated that legal action would follow against officials involved in approving the agreement. Additionally, Panama’s Supreme Court has been reviewing the contract since February, raising concerns it could be deemed unconstitutional.
This investigation poses potential challenges for a separate $22.8 billion global acquisition deal led by U.S. investment giant BlackRock, which includes CK Hutchison's port assets in 23 countries, including the two Panamanian ports. Regulatory reviews of the BlackRock transaction could extend up to nine more months. BlackRock CEO Larry Fink clarified the acquisition was not politically motivated but acknowledged it would undergo thorough scrutiny from multiple jurisdictions, including China.
CK Hutchison and BlackRock have not publicly responded to the unfolding situation. Meanwhile, China’s embassy in Panama emphasized its respect for Panamanian sovereignty and urged against the exclusion of China from U.S.-Panama relations.
Legal experts warn that if the contract is found unconstitutional or riddled with irregularities, Panama could revoke the concession entirely, potentially impacting global port operations and trade routes through the Panama Canal.
