A subsidiary of Hong Kong conglomerate CK Hutchison Holdings has expanded international arbitration claims against Panama, alleging damages have surpassed $2 billion in an unlawful takeover of ports and property.

A subsidiary of Hong Kong conglomerate CK Hutchison Holdings has expanded international arbitration claims against Panama, alleging damages have “escalated beyond US$2 billion” in what it has described as an “unlawful takeover” of ports and property. The expanded claims, announced on Tuesday local time by the Panama Ports Company (PPC), part of Hong Kong tycoon Li Ka-shing’s family-owned conglomerate, came a month after authorities took control of terminals at the ports of Balboa and Cristóbal.....