All smiles for Li Ka-shing, whose water companies managed their way around corporation tax while still issuing dividends Philippe Lopez/AFP/GettyThe returns have flowed for Hong Kong billionaire Li Ka-shing this year after the two water companies he owns splashed out dividends and paid no corporation tax. Northumbrian Water handed a £58m dividend to CKI, the tycoon’s holding company, which bought the utility in 2011. Meanwhile Southern Water ended a five-year dividend hiatus with an £82m payout, even though last year it received an average of twice as many complaints as its rivals. CKI owns 4.75% of the company; the rest is controlled by a group of financial investors including Hermes, which looks after BT’s pension fund, UBS, JP Morgan…

Source: The Times September 24, 2016 23:01 UTC