HONG KONG, Feb. 4 (Xinhua) -- Panama Ports Company S.A. (PPC), an indirect 90-percent-owned subsidiary of Hong Kong-based conglomerate CK Hutchison, has initiated arbitration against Panama, after the country's top court annulled a contract allowing it to operate the Panama terminals, said CK Hutchison in a statement on Wednesday.
According to the statement, the decision announced by Panama's top court and corresponding actions taken by the Panamanian government concerning the operations of PPC's terminals at two ports are inconsistent with the relevant legal framework and the law that approved the contract.
CK Hutchison expressed strong opposition to Panama's ruling, saying that it will continue to consult with its legal counsel and reserves all rights, including recourse to additional national and international legal proceedings in the matter. ■
