Hong Kong’s CK Hutchison ensures the legal compliance with ports

(Reuters) -Hong Kong, CK Hutchison, said on Monday that his agreement of ports controlled closely would be strictly adhered to all required compliance standards and would never be executed illegally.

“This transaction would never be performed under any illegal or non -compliance,” the company said in a statement.

The Hong Kong-based conglomerate, controlled by the Tycoon Li Ka-Sing, agreed in March to sell most of its $ 22.8 billion worldwide businesses, including assets throughout the strategically significant Panama Channel, to a Consortium led by Blackrock.

The agreement has since been world criticism, including the President of the United States, Donald Trump, who repeatedly expressed his desire to recover the Panama channel and called the agreement a “recovery” of the water route.

The Chinese state media has also condemned the proposed sale, claiming that it is betrayed by China’s interests.

In early March, a Hong Kong’s Pro-Beijing newspaper amplified criticism by posting comments from local Chinese politicians and lawyers who urged CK Hutchison to reconsider the agreement and support the Chinese regulators’ decision to review the transaction.

CK Hutchison also announced that it would provide more details about the Ports Agreement at the annual shareholder meeting scheduled for May 22.

(Rajasik Mukherjee’s report to Bengaluru and Clare Jim in Hong Kong; Mohammed Safi Shamsi edition)