Panama Canal Authority
Though controversial within the United States, a process of handing the Panama canal lead to Panamanian control of the Panama Canal Zone by the Panama Canal Authority (ACP). It was effective at noon on December 31, 1999. Before this handover, the government of Panama held an international bid to negotiate a 25-year contract for operation of the Canal's container shipping ports (chiefly two facilities at the Atlantic and Pacific outlets), which was won by the Chinese firm Hutchison Whampoa, a Hong Kong-based shipping concern whose owner Li Ka Shing is the wealthiest man in Asia. One of the conditions on the handover to the Panama Canal Authority by the United States was the permanent neutrality of the Canal and the explicit statements that allowed the United States to come back at any time.