The port was illegally taken over by the Panamanian government and claimed $2 billion.

The Panama Ports Company, a subsidiary of Hong Kong's CK Hutchison Holdings Limited, issued a statement on March 6, stating that it has taken further actions to hold the Panamanian government accountable for its illegal takeover of the company's container terminals at Balboa Port and Cristobal Port on February 23 and thereafter. The Panama Ports Company has initiated international arbitration against the Panamanian government under the rules of the International Chamber of Commerce, seeking at least $2 billion in compensation.

Recently, the Panamanian government forcibly took over Balboa Port and Cristobal Port, located at both ends of the Panama Canal. Previously, the Panamanian Supreme Court ruled that the concession for the Panama Ports Company to operate these two ports was unconstitutional. According to a report by the Associated Press on the 7th, the Panama Ports Company has been operating these ports since 1997 and renewed its 25-year concession in 2021. Subsequently, both the Chinese Ministry of Foreign Affairs and the Hong Kong SAR government expressed strong opposition to Panama's takeover of the two ports.

According to the statement issued by the Panama Ports Company on the 6th, the company has further applied to the Panama Maritime Authority, requesting the immediate return and restitution of proprietary and legally protected documents and materials belonging to the company. It is reported that the aforementioned documents were illegally seized by the Panamanian government without any valid court authorization and stored in private storage facilities; the Panamanian government only used these documents as a reason related to the transfer of terminal operations to implement the seizure.

"The Panama Ports Company and CK Hutchison Holdings will not yield an inch, seeking not just symbolic compensation, but fully reclaiming all rights due to them for the Panamanian government's serious breach of contract and anti-investor behavior," the statement said. The Panama Ports Company and CK Hutchison Holdings permanently reserve all legal rights and claims against the Panamanian government, its agents, and any third parties. In another statement issued on the 6th, CK Hutchison Holdings stated that the company disagrees with the recent biased actions of the Panamanian government and will continue to assess the situation with legal advisors, resorting to all feasible domestic and international legal procedures regarding this matter.

Some analysts believe that the illegal takeover of the ports by Panama this time is inseparable from the extreme pressure exerted by the United States. This attempt to interfere with the overseas layout of Chinese-related enterprises precisely highlights the importance of China's global port layout. A recent report by AidData, a research lab at the College of William & Mary, stated: "China's nearly ubiquitous presence in global top ports means that whether in peacetime or conflict, the United States currently cannot isolate itself from China's supply chain." The study stated that once a crisis occurs in the East-West supply chain, China's large-scale investment in global ports can ensure that its merchant ships can continue to navigate and conduct trade through 'third-party country' ports.