The buyer of CLP Holdings Ltd.'s (0002.HK) natural-gas processing and storage operation in southern Australia has lodged cliams against units of the Hong Kong-listed electricity investor for allegedly providing misleading information during the 2015 sale.
EnergyAustralia Holdings Ltd. and EnergyAustralia Investments Pty on Friday received claims from Lochard Energy (Iona Operations Holding) Pty Ltd., seeking 967 million Australian dollars ($717.4 million) in damages for the A$1.78 billion sale of the Iona gas storage plant in Victoria in 2015, said the Hong Kong utility investor.
Lochard Energy is owned by Queensland Investment Corp., which manages investments on behalf of the Queensland state government.
EnergyAustralia and EnergyAustralia Investments will vigorously defend against the claims, said CLP Holdings, adding that the company doesn't expect material outflow of economic benefits from the group.
Controlled by Hong Kong's wealthy Kadoorie family, CLP holdings is the larger of Hong Kong's two power providers and has electricity investments in countries such as India, Southeast Asia and Australia.
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(END) Dow Jones Newswires
May 19, 2017 01:25 ET (05:25 GMT)