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HMO: Panama Court Ruling Seriously Undermines Rule of Law and Contract Spirit
Recommend 14 Positive 18 Negative 7 |
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The Supreme Court of Justice of Panama recently ruled that the contracts and related regulations of two ports operated by Panama Ports Company (PPC), a subsidiary of CKH HOLDINGS (00001.HK), are unconstitutional. The Hong Kong and Macau Affairs Office of the State Council (HMO) posted on social media last night (3rd), criticizing the Supreme Court of Justice of Panama for invalidating the franchise renewal contract of the concerned enterprise under the pretext of "unconstitutionality". The HMO said this decision disregards facts and breaches trust, severely undermining the legitimate rights and interests of the concerned enterprises. The Chinese government emphasized its steadfast stance on safeguarding the legitimate rights and interests of Chinese enterprises and will not tolerate acts of hegemony and bullying. The HMO pointed out that the ruling is legally unfounded and logically absurd. It noted that the Panama Canal port franchise contract of the concerned enterprise has been in effect for nearly 30 years since its signing, and the renewal was confirmed by Panama's auditing department and competent authorities as substantially compliant with contract terms and fully performing contractual responsibilities. In the absence of fundamental changes in legal provisions or any illegal facts, the declaration of unconstitutionality by the Supreme Court of Justice of Panama is a serious violation of the principles of rule of law and contract spirit, self-destroying national credibility, and will have profound negative impacts on the country's business environment and economic development. AASTOCKS Financial News Website: www.aastocks.com |
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