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.

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.

HONG KONG] CK Hutchison Holdings shares extended declines on Wednesday (Apr 9), erasing all their advances since the company agreed to sell its Panama Canal port assets to a BlackRock-led consortium last month.