Li Ka-Shing’s port firm ‘committed’ to Panama amid Trump threats
Billionaire Li Ka-shing’s port business in Panama said it’s committed to operating in the country, after local authorities launched an audit of the company amid concerns raised by US President Donald Trump..Hutchison Ports PPC, a unit of Li’s flagship conglomerate CK Hutchison Holdings Ltd., is fully cooperating with the audit and is maintaining due transparency, it said in a statement..Economic contributionThe company, which controls two ports adjacent to the Panama canal, has contributed over 5.9 billion balboas ($5.9 billion) to the national economy since its arrival in Panama, generating thousands of jobs, it said..“We reaffirm our ongoing commitment to excellence and ethics in each of our operations,” Hutchison Ports said. It “is reflected in our significant investments in the ports of Balboa and Cristóbal, where we have exceeded expectations in continuous infrastructure improvements, contributing to the country’s economic and social development.”.Tump”s threatThe Panamanian authorities’ scrutiny comes as Trump threatened to take back the waterway over concerns of too much Chinese influence. While CK Hutchison is based in Hong Kong, a Chinese territory with its own borders, currency and legal system, Beijing has tightened its grip on the former British colony since 2020 when it imposed a broad national security law that’s paved the way for a crackdown on dissent..CK Hutchison counts most of its revenue from overseas regions including Europe, the Americas and the Middle East..Hutchison Ports was previously audited in 2020 and 2021 by Panama’s General Comptroller’s Office, both of which demonstrated full compliance with its contractual obligations, the company said. It also shares its financial results, audited by an independent external auditor, with the local government every year and submits monthly reports to the authorities, it said.
Source: Bloomberg Wire