CK Hutchison subsidiary slams Panama for missing arbitration deadline
Panama Ports Company also confirms offices were raided by alleged ‘armed security forces’ and accuses authorities of disregarding rule of law
Panama Ports Company (PPC) on Tuesday also accused authorities of silencing the country’s press and disregarding the rule of law, as it continued to paint the Central American nation as a risk to foreign investors following the seizure of its two terminals.
In a statement, PPC said that Panama had failed to file a response to the company’s request for arbitration by a deadline last Friday, which had been set by the International Chamber of Commerce’s Court of Arbitration.
PPC claimed the government had said it was “not prepared” and would not be able to provide a response in time because it had not hired any lawyers, “was not familiar with the dispute” and needed time to develop a plan.
It also accused Panamanian authorities of failing to follow up on attempts by the company and its investors to find a solution to the matter.
“A state that respects foreign investors does not disregard consultations and international dispute procedures,” it said.