A Hong Kong-based company has agreed to sell most of its stake in two key ports on the Panama Canal to a group led by US investment firm BlackRock. The sale follows complaints by President Donald Trump regarding Chinese influence over the canal, although the company, CK Hutchison Holding, is not owned by the Chinese government but operates under Chinese financial laws due to its base in Hong Kong. Through a subsidiary, CK Hutchison operates ports at the Atlantic and Pacific entrances to the canal and will sell its interests as part of a deal worth $22.8 billion. The deal includes 43 ports across 23 countries and requires Panamanian government approval. The 51-mile Panama Canal is a crucial shipping route, with up to 14,000 ships passing through annually. Control of the canal was ceded from the US to Panama through treaties, with full Panamanian control established in 1999. Despite US concerns over Chinese influence, Panamanian President Jose Raul Mulino affirmed the canal remains under Panamanian control. Frank Sixt of CK Hutchison emphasized the transaction is purely commercial. The ports are being acquired by BlackRock and Terminal Investment Limited, a Swiss company. — news from BBC.com
