Panama launches audit of Hong Kong-based port operator near Panama Canal

Panamanian authorities on Monday launched an audit of the Hong Kong-based port operator which controls ports near the Panama Canal, coinciding with US President Donald Trump's threats to take back control of one of the world's busiest trade passages.

Hutchison Ports is the world’s biggest port investor, developer and operator with a network of port operations in 53 ports spanning 24 countries throughout Asia, the Middle East, Africa, Europe, the Americas and Australasia.

Hutchison Ports manages the Cristobal and Balboa ports, located at each ends of the Panama Canal, which serve as a distribution network for Atlantic and Pacific trade routes.

The Panama Ports Company, controlled by CK Hutchison Holdings, has been notified of the audit, the Panama maritime authority said. A video posted on social media by the comptroller showed auditors arriving at the port operator's local office.

(Reporting by Elida Moreno and Kylie Madry; Editing by Sarah Morland)