The article centers on Isla Margarita, a site for a planned port and container yard in Panama. Two concessions were granted in 2013: one to Panama Colon Container Port Inc. (PCCP) and another to United Crown Construction Inc., both controlled by Ko Tin Kwok (Gao Tianguo), a Chinese magnate. His involvement extended to other projects, including a power plant, which ultimately proved unsuccessful.
Following Ko's death in 2022 and financial troubles in his Anxin Trust, a dispute arose concerning the ownership of Isla Margarita. Landbridge Port Services Ltd., a Hong Kong-based company, alleged that their stakes in the project were fraudulently diluted through actions by Liang Zhang, Ko's associate, and others including Dion Bowe, Leslie Bethel, and Colin Michael MartÃnez. These actions involved the transfer of assets to various companies including Coastal Infrastructure Partners LLC and ultimately Notarc Port Investment Inc., for a negligible sum.
Landbridge filed a lawsuit in Delaware against Zhang, Bowe, Bethel, and MartÃnez, accusing them of conspiracy, embezzlement, and unjust enrichment. The defendants sought arbitration in Panama, but the Delaware court decided to retain jurisdiction, a decision currently under appeal. The dispute highlights the complexity of international legal processes and cross-border corporate maneuvers.
The Panamanian government, particularly the Maritime Authority of Panama (AMP), is implicated in the controversy. While initially seeking to rescind the concessions, the AMP appears to have reversed course following pressure from Notarc, introducing a new partner, MSC. The current status of the project is uncertain following statements by Panama's president expressing concerns about the concessions.