Panamanian authorities searched the local ports unit of Hong Kong conglomerate CK Hutchison, the subsidiary said on Friday, escalating a rift over control of two key ports near the globally strategic Panama Canal.
The search, carried out on Thursday, comes amid a growing U.S.-China rivalry over global trade routes that has deepened tensions between Washington and Beijing. It has also embroiled CK Hutchison’s Panama Ports Company, which recently lost its contracts to operate two terminals on either end of the canal, which carries about 5% of global maritime trade.
