Panamanian President Jose Raul Mulino said on Thursday that the concession of contracts to operate two ports held and operated for nearly three decades by Hong Kong's CK Hutchison Holdings will "never again" be issued to a single company, Reuters reported. Panama's Supreme Court last week nullified CK Hutchison's contract to operate two ports along its strategic canal through its Panama Ports Company subsidiary, ruling that the contracts violated the Central American nation's constitution by giving the company exclusive privileges and tax exemptions.
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A top court in Panama ruled on Thursday that a lucrative port contract held by a Hong Kong company was unconstitutional, a decision that will most likely deepen tensions between the United States and China in Latin America, the New York Times reported. The decision against the company, CK Hutchison, could eventually clear the way for U.S. and European companies to operate the strategically important ports. Last year, President Trump backed a deal that would have transferred control of the Panamanian ports and many others to a group led by a large American financial firm.
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Hong Kong authorities have charged 16 people, including influencer and former lawyer Joseph Lam Chok, over their alleged involvement in the $205 million (HK$1.6 billion) JPEX crypto fraud, Decrypt.com reported. The suspects were accused of fraud, conspiracy to defraud, and money laundering under Hong Kong’s anti-money-laundering law after a two-year investigation into the unlicensed exchange, according to a report from South China Morning Post.
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