HKMAO blasts Panama's ruling on canal deal, vows to defend firms

Beijing's Hong Kong and Macao Affairs Office has issued a strongly worded commentary condemning a recent Panamanian Supreme Court ruling on a Hong Kong-based firm's canal concession, vowing to defend Chinese enterprises.

In an article signed "Gang Aoping," the office described the ruling that declared an extension of a concession agreement "unconstitutional" as a "grave miscalculation," "political backstabbing," and "legal absurdity." It said the decision blatantly disregards facts and contractual commitments, severely violating the Hong Kong enterprise's legitimate rights and undermining legal principles.

The article stated the Hong Kong firm invested over $1.8 billion in Panama, created thousands of jobs, and supported the country's growth. It argued that by "forcibly stripping" the company's legal operating rights, Panama is "sabotaging its own economic credibility" and sending a chilling message to global investors that agreements can be overturned at will.

Furthermore, the commentary accused Panama of submitting to "foreign hegemonic pressure," suggesting the timing and language of the ruling were not coincidental following praise from certain Western politicians. It claimed powerful nations abuse concepts like "national security" to strong-arm countries into targeting Chinese companies.

The Chinese government, the article said, will "resolutely counteract any acts of economic coercion, bullying, or infringement" against Chinese enterprises. It noted that China's Ministry of Foreign Affairs condemned the ruling and pledged to take all necessary steps, a position echoed by the Hong Kong SAR Government.

The commentary warned Panama faces "serious fallout" and will become "more isolated" if it stays on this path, urging it to "reverse course—and fast."