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BRIEF-CK Hutchison Holdings updates on penalty order by Indian tax authorities
August 28, 2017 / 9:44 AM / 23 days ago

BRIEF-CK Hutchison Holdings updates on penalty order by Indian tax authorities

Aug 28 (Reuters) - CK Hutchison Holdings Limited:

* Indian Tax Authorities issued penalty order to Hutchison Telecommunications International Ltd

* HTIL continues to believe that taxes cannot be validly imposed on HTIL

* Continues to believe orders would not have any effect on co’s financial condition or results of its operations

* Legal advice obtained by HTIL is that orders which ruled that acquisition was not taxable in India, are in violation of principles of international law

* Refers to Hutchison Telecommunications International Limited, a unit of co, as HTIL

* Hutchison Telecommunications International on 9 Aug received from ITA penalty order dated 3 July for penalty of about HK$9.6 billion

* ‍HTIL received on 13 Feb from ITA assessment order regarding tax of about HK$9.6 billion plus aggregate interest on CGT of HK$20 billion​ Source text: [bit.ly/2iBZrPF] Further company coverage:

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