This Monday, the Cabinet Council authorized the Ministry of Economy and Finance (MEF) to proceed with the exceptional hiring of the American law firm Hogan Lovells US LLP.
The firm will act as external legal representative representing the Republic of Panama in the international investment arbitration filed by CK Hutchison Holdings Limited, through Panama Ports Company SA.
Through Resolution 146-26, this contract was given the green light for a total amount of $3,887,350.
The arbitration process will be governed by the regulations of the United Nations Commission on International Trade Law (UNCITRAL/UNCITRAL), with the objective of structuring a solid defense of the interests of the Panamanian State.
The national authorities formalized their knowledge of the claimant’s claims after receiving notification of the arbitration request sent by CK Hutchison Holdings Limited on August 19.
In this process, the counterparty is represented by the law firms Paul Hastings and Morgan & Morgan Legal.
On August 20, CK Hutchison formally initiated the arbitration procedure and claimed compensation in excess of $1.5 billion for alleged breaches of contractual obligations and international law.
The company alleges breaches of an investment protection treaty and damages to its investments made in the Cristóbal and Balboa ports.
Furthermore, he maintains that the controversy is related to a series of decisions and actions of the Panamanian State that, according to his version, affected the port concession that for decades was linked to Panama Ports Company (PPC), a subsidiary of CK Hutchison.
Hogan Lovells (formally known as Hogan Lovells Cadwalader) is one of the world’s largest transatlantic and global law firms.
It is characterized by operating at the intersection between the corporate world and government regulation, uniquely positioning itself to resolve commercial disputes, intellectual property litigation and complex, high-profile international arbitrations.
Throughout its history, the firm has led litigation marked by legal precedents and enormous media impact.
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