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Panamanian Prosecutors Search CKH's PPC Office, Seize Documents: Panamanian Newspaper
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Panamanian prosecutors are executing a search warrant at the office of Panama Ports Company (PPC), a subsidiary of CKH HOLDINGS (00001.HK), which was originally responsible for operating ports at both ends of the Panama Canal, according to the Panamanian newspaper La Prensa. Documents were boxed and taken away. Panama Maritime Authority (AMP) and the Judicial Investigation Directorate (DIJ) were also reportedly involved in the action. The newspaper learned that the investigation was initiated by the prosecution after discovering that the AMP concealed operational information about Balboa and Cristobal ports. The prosecutors declined to disclose the specifics of the "illegal activities" under investigation, report said. CKH announced last night (26th) Hong Kong time that representatives of the Panama State made direct physical entry into the terminals at Balboa and Cristobal operated by PPC and took over administrative and operational control of the terminals. As the Company understands, the concession was deemed to be terminated as of 23 February 2026, and PPC ceased all operations at the terminals at the two ports on the same day. PPC has been advised that the Ruling, the Executive Decree and corresponding actions taken by the Panama State relating to the operations of PPC’s terminals at the two ports are inconsistent with the relevant legal framework and the law that approved the concession contract. The Board strongly disagrees with the Ruling, the Executive Decree and corresponding actions in Panama. The Group continues to work with its legal counsel, has reserved all its rights, and intends to take all legal steps properly available to it to protect the Group’s interests including recourse to additional national and international legal proceedings in the matter. AASTOCKS Financial News Website: www.aastocks.com |
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