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LATIN AMERICA ADVISOR

LATIN AMERICA ADVISOR

A daily publication Of the dialogue

April 17, 2025

How Will a Probe Complicate the Panama Ports Deal?

Panama’s attorney general opened an investigation earlier this month into CK Hutchison’s deal to sell two ports on the Panama Canal to BlackRock. // File Photo: Fabian Ponce García via Adobe Stock.

Q

  • New York-based investment company BlackRock last month announced the purchase of two major ports on the Panama Canal from their Hong Kong-based owner, CK Hutchison. On April 8, Panama’s attorney general opened an investigation into CK Hutchison’s initial $22.8 billion contract, citing irregularities; Panama allegedly “left $1.3 billion on the table” in tax incentives and benefits granted by the government to CK Hutchison, according to comptroller Anel Flores. To what extent could this new investigation affect the deal between CK Hutchison and BlackRock? How might the U.S. government respond if the deal is delayed or terminated? More broadly, how does the Panama Canal play into the escalating trade war between the United States and China?

A

John Feeley, former U.S. ambassador to Panama: “Donald Trump never mentioned Panama during his 2024 campaign, but his personal belief that former President Jimmy Carter ‘blew it’ with a historic bad deal is longstanding. Trump’s rhetoric about Chinese control of the canal is foolishly simplistic and false, but concerns about Chinese espionage, intellectual property theft and corruption are genuine in Panama and elsewhere. The BlackRock deal is a safe commercial way to allow Trump to claim victory without threatening Panama’s sovereign operation of the canal. China will likely delay but not halt an eventual sale of the two port concessions. Inspector General Flores’ audit, which officially unearthed irregularities long suspected by many, is President Mulino’s trump card should China squeeze Hutchison not to sell, as Panama can legally abrogate…”

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