The Australian Tax Office Is Taking On Asia's Richest Man Li Ka-shing

Li Ka-shing attends the Carnegie Medal of Philanthropy 10th Anniversary Award ceremony at The New York Public Library on October 20, 2011 in New York City. Photo: Getty Images

The ATO is targeting companies controlled by Hong Kong billionaire Li Ka-shing, who is Asia’s richest man, according to a report.

The tax office is mounting a case against Li, according to The Australian, over profits his companies made in the power, gas and water industries, seeking $776 million in unpaid tax and penalties.

Li is the chairman of the property, telecommunications, utilities and ports giant Cheung Kong Holdings and is valued by Forbes at $US31 billion.

The Federal Court recently ruled in the ATO’s favour against two Cheung Kong controlled companies over unpaid income tax between 2000 and 2009, with $396m against Power Asset Holdings and $380m against Cheung Kong Infrastructure.

Reportedly the companies stopped talking to the ATO in January, and it will need to take the action to have its debts repaid.

Read more here.

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