HK$80m sought to refund Hongkong Electric

The Financial Services and Treasury Bureau is applying for a supplementary provision of HK$80 million from the legislature's Finance Committee to refund Hongkong Electric for rates, government rents and associated interest overcharged by the Commissioner of Rating and Valuation in several assessment years. The power supplier said it overpaid because of the commissioner's miscalculations and had filed a claim at the Lands Tribunal to recover the money. A High Court ruling in December ruled the company had to be compensated.