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CKI, Power Assets Ordered to Pay $711 Million in Taxes

Cheung Kong Infrastructure Holdings Ltd. and Power Assets Holdings Ltd., controlled by Asia’s richest man Li Ka-shing, must pay A$776 million ($711 million) in back taxes in Australia, a judge ruled.

Australia Federal Court Justice Michelle Gordon on Aug. 30 in Melbourne issued two orders without holding a trial at the request of Australia’s deputy commissioner of taxation after Cheung Kong Infrastructure and Power Assets failed to provide addresses where they could be served with the tax office’s lawsuit.