HK Movers | CKH Holdings Falls 5%. Panama Court Kicks Hong Kong's CK Hutchison Out of Canal Ports

Panama’s Supreme Court has annulled a contract held by a unit of a Hong Kong company to operate key ports at either end of the Panama Canal, in a victory for Donald Trump, who has vowed to reassert US influence in the region, Financial Times reported. Shares of CKH Holdings fell over 5% on the news.

In a unanimous ruling late on Thursday the court said the concession for a unit of CK Hutchison Holdings to operate the Balboa and Cristóbal ports at either end of the waterway was unconstitutional.

The court said in a statement the decision, in a lawsuit brought by Panama’s comptroller after a government audit alleging irregularities, was reached after “wide deliberation and discussion”.