CK Hutchison's subsidiary decries Panama's "invasion" of property

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The Panama unit of Hong Kong conglomerate CK Hutchison HKEX:1 said on Friday that Panamanian authorities carried out an "unnotified intrusion on a private storage facility," a day after reports of a government raid on the subsidiary.In a statement, CK Hutchison's Panama Ports Company (PPC) said the Panamanian government "acted in disregard of the rule of law, as evidenced by yesterday’s invasion and seizure of PPC property." Panama's government did not immediately respond to a request for comment. PPC until recently held contracts to operate two terminals at the Panama Canal's Pacific and Atlantic entrances. The government last month moved to annul the deals that gave the company control of the two canal ports.

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