Chang and its subsidiary Panama Ports Company have officially initiated arbitration proceedings against Maersk.
On April 7, Hong Kong's Cheung Kong Infrastructure Holdings Limited's subsidiary, Panama Ports Company, issued a statement declaring that they have officially initiated arbitration proceedings against Maersk Group regarding the events following the takeover of the container terminal at Panama Ports Company. Panama Ports Company stated that the arbitration is based on a long-term contract that specifies the exclusive operation arrangement of the container terminal at Panama Ports by Panama Ports Company, and aims to promote business development in a collaborative manner through a series of operational facilities and data provided by Panama Ports Company. However, Maersk violated the contract and aligned with the Panamanian government to take actions against Panama Ports Company, seeking to replace them with a new operator for the container terminal. The company stated that the arbitration proceedings against Maersk will take place in London. Panama Ports Company is seeking a claim against Maersk independently of and without affecting their pursuit of actions against the Panamanian government for breaching the contract and harming investor rights.
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