Luzon Hydro Corp., a wholly-owned subsidiary of Aboitiz Power Corp., filed a petition to stop the municipality of Alilem in Ilocos Sur from auctioning its real properties.
Aboitiz Power said in a disclosure to the stock exchange that LHC filed a petition for prohibition and mandamus, with prayer for a temporary restraining order and preliminary injunction, to prevent the Alilem municipality from auctioning the real properties in the area.
LHC, incorporated on Sept. 14, 1994, owns, operates and manages the 70-megawatt Bakun AC run-of-river hydropower plant. The plant was constructed and operated under the government’s build-operate-transfer scheme.
LHC received a notice of real property tax delinquency from the Office of the Municipal Treasurer of Alilem seeking to collect a total of P446,029,609.46 in unpaid RPT and accrued penalties covering the period from 2002 to August 2019. The treasurer then issued a notice of publication and auction sale covering the real properties of LHC, consisting of industrial machineries and buildings.