OAN Staff James Meyers
1:48pm – Tuesday, March 4th, 2025
The Hong Kong-based company has agreed to sell two terminals at both ends of the Panama Canal to US asset management company BlackRock. This is accused of securities fraud and conspiring with other investment companies to limit coal production and increase consumer energy costs.
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“Blackrock, Vanguard and State Street formed a cartel to rig the coal market, artificially lower energy supply and raise prices,” Texas Attorney General Paxton said at a press conference on November 27, 2024. “Their conspiracy has harmed America's energy production and hurt consumers. This is an incredible violation of state and federal law.”
Hong Kong-based logistics giant CK Hutchinson Holdings has announced plans to buy 80% of the stake in the business where investors control Panama's port at a share value of $142.1 billion.
The deal calls on Tuesday for BlackRock and a group of investors to spend $22.8 billion to buy the ports of Balboa and Cristobal on either end of the canal from CK Hutchinson.
“These world-class ports will drive global growth,” according to a statement from BlackRock CEO Larry Fink. “Through deep connectivity to organizations such as Hutchison and governments around the world, we are increasingly calling for partners to seek long-term patient capital. We are excited to be able to participate in this investment.”
President Donald Trump is increasing the pressure to curb China's overwhelming influence on the Panama Canal and control.
“China runs the Panama Canal. And we didn't give it to China. We handed it to Panama and we'll get it back,” Trump insisted in his inaugural address. At a press conference in January ahead of the inauguration, Trump did not rule the canal again using either military force or economic coercion.
However, CK Hutchison argued that the deal had nothing to do with Trump's pledge to “recover” the canal.
“I would like to emphasize that this transaction is purely commercial in nature and is completely irrelevant to recent political news reports on the Port of Panama,” said co-management director Frank Sixx.
Meanwhile, the company has operated the ports of Balboa and Cristobal at the Pacific and Atlantic entrances of the canal for over 20 years.
The sale does not include interest in Hutchinson Port Holding Strast, which operates ports in Shenzhen and Hong Kong, South China or other ports in mainland China, according to the company.
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