US PRESSURE
The Panamanian comptroller’s office that oversees public entities announced “an exhaustive audit” would be launched “aimed at ensuring the efficient and transparent use of public resources” at the Panama Ports Company.
The company, part of Hutchison Ports, a subsidiary of Hong Kong-based conglomerate CK Hutchison Holdings, operates the ports of Balboa and Cristobal on either end of the canal.
The comptroller’s office said the aim was to determine whether the company was complying with its concession agreements, including adequate reporting of income, payments and contributions to the state.
Hutchison Ports PPC said in a statement that it has “maintained and will continue to maintain a transparent and collaborative relationship” with Panamanian authorities.
“We remain steadfast in our commitment to comply with all laws and regulations, fully exercising our contractual responsibilities,” the firm said.
“Our financial results, audited by an independent external auditor, have been shared annually with our partner, the Panamanian State, ensuring trust and clarity in our management.”
Trump has been raising pressure for weeks over the canal, through which 40 per cent of US container traffic travels. He has refused to rule out using military force to reclaim it.
The Panama Ports Company’s concession agreement was extended by 25 years in 2021.
The United States is the canal’s main user, followed by China.
Since 2000, the waterway has contributed more than US$30 billion to Panama’s state coffers, including nearly US$2.5 billion in the last fiscal year.
