Flores said that in addition to the lapses in required approvals, his audit found that Panama Ports used a series of tax-exempt subcontractors to lower the amount it pays to the government. The company used tax breaks to save $850 million of at least $1.3 billion it owed in payments to the republic in the first 25 years of the contract period, Flores said, adding that it currently owes $300 million. The Balboa and Cristobal ports on either side of the 51-mile (82-kilometer) Panama Canal, which connects the Atlantic and Pacific oceans, form a key part of the deal involving a total of 43 CK Hutchison facilities.
Author: Bloomberg
Published at: 2025-04-08 22:33:17
Still want to read the full version? Full article
