A unit of Hong Kong-listed conglomerate CK Hutchison Holdings, founded by tycoon Li Ka-shing, said on Tuesday it has filed a $2-billion claim in an international arbitration case against Panama, in what the subsidiary company calls the Panamanian government’s illegal takeover of two port terminals and company property.

Panama Ports Company (PPC), which operated the Balboa and Cristobal terminals near the Panama Canal, said it had supplemented its claims in proceedings under the International Chamber of Commerce’s arbitration rules.

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The move followed a January ruling by a top court in Panama declaring the 25-year concession granted to PPC for operating the two port terminals “unconstitutional”.

PPC has operated the facilities for nearly three decades since 1997 under a 25-year concession that was renewed in 2021.

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PPC said the claims arose from “extreme executive actions, the takeover and occupation of facilities, the seizure of proprietary and protected documents, and a range of related misconduct” that lasted more than a month.

Earlier this month, PPC alleged Panama had missed a March 13 deadline to respond in the arbitration case because it did not have proper legal representation. Panamanian President Jose Raul ⁠Mulino said accusations over setbacks in the arbitration process were “outrageous” and a “lie”.

The Panama Canal currently handles about five percent of global maritime trade.