Australia’s tax office has demanded that Cheung Kong Infrastructure Holdings Ltd. (CKI) (01038.HK) and Power Assets Holdings Ltd. (00006.HK), both under the control of billionaire Li Ka-shing, pay A$776 million (US$731.17 million) in unpaid taxes between 2000 and 2009 plus penalties, Tencent’s qq.com reported Friday. An Australian court has ruled in favor of the tax agency after the two companies failed to submit necessary documents to the court to defend their cases. Wendy Tong-Barnes, CKI chief corporate affairs officer, said the company would appeal against the court ruling. Cheung Kong Infrastructure owns 19 percent of Australia’s biggest natural gas distributor Envestra; a 49 percent stake in AquaTower, a water company in Victoria; and a substantial share in listed Spark Infrastructure Group. The company and Power Asset Holdings have a 50 percent stake each in electricity distribution networks SA Power Network, CitiPower and PowerCor Australia, the report said.
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