Hong Kong conglomerate seeks $1.5 billion in damages from Panama for takeover of canal ports

Hong Kong conglomerate CK Hutchison announced that it is seeking more than $1.5 billion in damages from Panama after the country seized two canal ports. The seizure of the Balboa and Cristobal ports occurred after Panama's Supreme Court ruled a concession held by a subsidiary to run these two ports was unconstitutional. CK Hutchison alleges that Panama breached an investment protection treaty through "sovereign acts" targeting the company's assets.