CK Hutchison has launched international arbitration proceedings against Panama, seeking more than $1.5 billion in damages over what it calls the destruction of its investments and the takeover of port terminals. The conglomerate says Panama breached an investment protection treaty through measures taken over the past two years, culminating in the destruction of the concession contract for the Balboa and Cristóbal ports. The dispute follows U.S. President Donald Trump’s objections to Chinese ownership of ports along the Panama Canal and Panama’s subsequent cancellation of the concessions. Panama Ports Company, CK Hutchison’s subsidiary, is pursuing separate arbitration proceedings launched in February after Panama’s top court annulled its licences. The subsidiary expanded its claims to more than $2 billion in March over what it described as the illegal takeover of two terminals and company property.