BlackRock’s Panama port deal in jeopardy over process ‘breaches’

A deal to transfer control over major Panama ports from China-tied CK Hutchison to American firm BlackRock hit roadblocks after Panama’s top auditor accused the Hong Kong business of wrongdoings and owing hundreds of millions of dollars in unpaid fees. 

In March, CK Hutchison, which holds 90% control of the Panama Ports Company, announced a deal to sell its stake in two ports, Balboa and Cristobal, to a consortium led by New York-based BlackRock, the world’s largest asset management company. 

However, Panama Comptroller General Anel Flores threw the deal into limbo on Monday, accusing CK Hutchison of failing to obtain required clearances for the two ports and improperly extending its 2021 contract with the Panama Maritime Authority.

The company owes $300 million after using tax breaks

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