Panama Canal Under Review After Trump Threats.
Panama Investigates Company Linked to China that Owns Ports in the Panama Canal
The Panama comptroller's office has launched an investigation into a company that owns two ports in the Panama Canal due to threats of seizing the canal from U.S. President Donald Trump.
The comptroller sent an auditing team to the offices of Panama Ports Co. to initiate the investigation, Bloomberg reports.
Trump accuses Panama of allowing Chinese influence in the canal. In his inaugural speech, Trump reiterated his statements and claimed that the administration would take control of the canal.
The port business CK Hutchison is the largest source of revenue for the conglomerate. The increase in revenue was attributed to a rise in cargo volumes in Central America, where there are nine other ports in Mexico and the Bahamas.
The review will check compliance with the concession terms granted to the company for 25 years. The Panama Maritime Authority extended the concession until 2021.
The Panamanian government denies the existence of Chinese influence in the canal and has yet to provide any evidence to support this.
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