Panama Ports Company S.A. (PPC) takes note of the statement issued this evening by the Judicial Branch of the Republic of Panama stating that the Supreme Court of Justice has decided to declare Law No. 5 of 16 January 1997 unconstitutional, among other relevant laws. While PPC has not yet been notified of such decision, the decision is inconsistent with the relevant legal framework and the law that approved the contract which has been the basis for PPC’s operations at the ports of Balboa and Cristóbal for nearly three decades, based on the referenced statement and assessment by counsel of the referenced proceedings.
This is the latest development in a campaign by the Panamanian State impacting PPC and its investor over more than a year, including a range of surprise actions targeting the Concession and PPC.
Over 28 years of operation, PPC and its investor have invested more than USD 1.8 billion in infrastructure, technology, and human development—an amount multiple times the investment made by any other port operator in the country. These investments have generated thousands of direct and indirect jobs and have been determinant in establishing Panama as a globally recognized port and logistics hub, attracting the world’s leading shipping lines and generating positive impact for the entire nation. (....)