Hong Kong port operator contract violated Panama constitution, court rules

The Panama Supreme Court ruled that a contract with Hong Kong's CK Hutchison to operate ports at the Panama Canal violated the constitution and public interest. The court found the contract granted excessive privileges and tax exemptions, undermining competition and prioritizing private interests. This ruling complicates CK Hutchison's $23 billion sale of global ports, including those in Panama, to a consortium led by BlackRock. The decision has drawn criticism from China, which vowed to protect its enterprises' rights.