The search targeted Panama Ports Company (PPC), a subsidiary of CK Hutchison that until recently held contracts to operate terminals at the canal’s Pacific and Atlantic entrances, News.Az reports, citing Reuters.
The move comes against the backdrop of escalating U.S.-China rivalry over global trade routes, which has drawn the company into broader geopolitical friction between Washington and Beijing.
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The source said the raid was not directly related to the Panamanian government’s recent decision to annul agreements granting PPC control of the two canal terminals. The individual requested anonymity, noting that the information had not yet been made public.
In a statement, Panama’s government said the operation was an independent investigation conducted by the Public Ministry within its legal authority, without explicitly naming CK Hutchison as the subject of the search.
President Jose Raul Mulino told a weekly press conference before the raid that he did not anticipate significant repercussions from China following the loss of the ports. “If you want my personal opinion, nothing is going to happen,” he said, adding that Panama would respond if any concrete developments arose.
Panama’s foreign ministry has conveyed its position to China’s ambassador. China’s Foreign Ministry and the Hong Kong government did not immediately comment.
Shares of CK Hutchison fell 2.1% in Hong Kong trading on Friday.
The company had previously agreed to sell dozens of ports worldwide, including the Panamanian terminals, in a $23 billion deal to a consortium led by BlackRock and Mediterranean Shipping Company. The transaction has drawn criticism from Beijing but was welcomed by U.S. President Donald Trump, who has said he wants to “reclaim” the Panama Canal to curb Chinese influence over its key infrastructure.
The disputed ports — Balboa on the Pacific side and Cristobal on the Atlantic — will be temporarily operated by Maersk and Mediterranean Shipping Company, according to the Panamanian government earlier this week.
