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CLP Holdings says EnergyAustralia received claim by Lochard Energy commencing proceedings to seek...

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  1. May 19 (Reuters) - CLP Holdings Ltd 0002.HK

    • Energyaustralia and Energyaustralia Investments received a statement of claim issued by Lochard Energy, purchaser of Iona gas plant, commencing proceedings
    • proceedings seeking damages of approximately a$967 million against energyaustralia and energyaustralia investments in connection with disposal.
    • formal legal proceedings against Energyaustralia and Energyaustralia Investments have been commenced
    • no accounting provision for claims has been made in accounts of CLP group.
    • claims allege that certain representations under disposal agreements regrading technical performance of Iona gas plant were incomplete
    • company's view is that a material outflow of economic benefits from CLP group is unlikely.

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