CK Hutchison Holdings Ltd rejected accusations it failed to pay about 1.2 billion balboas ($1.2 billion) to the Panamanian state over the concession contract to run the two key ports in the Central American country.

A company controlled by Hong Kong-based CK Hutchison has invested $1.7 billion in two ports near the Panama Canal, it said on Wednesday, surpassing the amount required under its contract, which is being audited by Panamanian authorities.

Panama has launched a formal investigation into a controversial port contract awarded to CK Hutchison, a Hong Kong-based conglomerate, over the operation of two major ports in the country. Attorney General Luis