Transurban facing hefty claims after CityLink court loss
Make us a preferred source
Make us a preferred source on Google
The news: Toll road giant Transurban has flagged it may be liable for hefty payments after a judgement by the Supreme Court of Victoria in relation to Melbourne’s CityLink project.
The numbers: The statement of claim referred to a fee of $10 million per year for each year since 2009, Transurban said. The judgement requires compensation payable for four sample years, it added.
Transurban shares are down 1.5% to $13.25 in early trading on the ASX.
The context: Transurban said the confidential judgement is in relation to litigation commenced by Eastlink-owner ConnectEast under a tolling services arrangement with Transurban.
The toll road giant operates the CityLink toll road which connects the CBD to Melbourne airport.
The company said it is considering all legal options including an appeal. It will consider an appropriate provision in its first-half accounts but that this will not impact the FY25 distributions.
The source: ASX announcement
