{"text":[[{"start":9.8,"text":"CK Hutchison has taken Maersk to arbitration after Panama forced the Hong Kong conglomerate out of two canal ports and handed over operations of one of them to the Danish shipping group."}],[{"start":23.700000000000003,"text":"The proceedings will take place in London and are separate from a $2bn damages claim that CK has filed against Panamanian authorities, the company said on Tuesday."}],[{"start":36.13,"text":"Authorities stripped CK’s subsidiary of its concession to run two ports on the Panama Canal in January after the country’s top court ruled it unconstitutional."}],[{"start":48.07,"text":"A unit of Maersk took over operations of the Balboa port on the Pacific side of the canal, while the port wing of MSC is running the Cristóbal port on the Atlantic side."}],[{"start":59.120000000000005,"text":"The action against Maersk is an escalation of CK’s legal campaign over its ejection from trading posts seen as a potential global chokepoint. Beijing had warned that Panama would pay a “heavy price both politically and economically” after the supreme court ruling."}],[{"start":79.05000000000001,"text":"“Maersk undermined the contract and aligned with the Republic of Panama in connection with its state campaign against PPC and scheme to replace it through a takeover that installed new port operators,” said the Panama Ports Company, the CK subsidiary that operated the terminals, on Tuesday."}],[{"start":98.20000000000002,"text":"“PPC will vigorously pursue its claims in the Maersk arbitration and its claims against Panama, as well as other rights and remedies,” it added."}],[{"start":108.44000000000001,"text":"Maersk said it did not “believe it is liable for the claims and will address them in the appropriate forum”."}],[{"start":115.83000000000001,"text":"The conglomerate run by Hong Kong’s richest man Li Ka-shing had negotiated a $23bn deal with a BlackRock-led consortium in March last year to sell its non-Chinese port subsidiaries, which operate in strategic locations such as Rotterdam and the UK’s Felixstowe. "}],[{"start":134.93,"text":"The initial deal terms would have given BlackRock a controlling stake in the Panama Ports Company, while Aponte family-controlled MSC would become the majority owner of CK’s 41 other non-Chinese ports, including in south-east Asia, Europe and the Middle East. "}],[{"start":153.22,"text":"But the proposal alarmed Beijing, where officials have worked to reshape the deal, including demanding it undergo China’s merger review process even though no mainland assets are involved."}],[{"start":166.1,"text":"The FT reported in March that BlackRock, MSC and CK were working to close the sale without the two ports in Panama."}],[{"start":175.9,"text":"Additional reporting by Richard Milne"}],[{"start":188.52,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1775702205_2550.mp3"}