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.

Li Ka-shing's CK Hutchison Holdings has defended the contract that has allowed it to run two ports at the Panama Canal since 1997, saying the concession was "validly executed and approved by law" and denying it failed to pay more than US$1 billion to the country,