Hong Kong Chief Executive John Lee has criticized the “bullying tactics by foreign governments” in the wake of the controversial US$23-billion sale of dozens of port facilities -- including those in the Panama Canal -- by homegrown conglomerate CK Hutchison to U.S. investment giant BlackRock.
BlackRock and CK Hutchison, which is controlled by Hong Kong billionaire Lee Ka-shing, announced earlier this month that they had reached an agreement in principle for BlackRock to acquire CK Hutchison’s 90% interests in Panama Ports, which owns and operates the Panama terminals Balboa and Cristobal. BlackRock will also buy CK Hutchison’s 80% controlling interest in a further 43 ports in 23 other countries, the companies said in a joint statement dated March 4.