CANADA/NZ - Canada Pension Plan Investment Board (CPPIB) and its New Zealand subsidiary, NZ Airport NC (NZANC), are disputing a claim by Auckland Airport for expenses incurred in responding to the pension fund's failed partial takeover bid.
In the claim, filed in the High Court in New Zealand, CPPIB asserted certain expenses were not properly incurred by responding to its partial takeover offer. It has already paid $1.34m, which leaves $6.26m in dispute.
In a statement, the airport's board said: "Auckland Airport considers that the expenses for which it has sought reimbursement were indeed properly incurred and ought to be paid by CPPIB."
But CPPIB said NZANC twice sought clarification of issues and amounts so as to determine if they were properly incurred. In a statement, it said: "The requests included a desire for details relating to a $5m payment to First NZ Capital and Credit Suisse as an 'incentive fee' for the 'takeover defence'. So far no information has been given by Auckland Airport in response to NZANC's requests."
The claim also relates to Auckland Airport's refusal to release CPPIB from a confidentiality agreement which prohibits CPPIB from trading in Auckland Airport shares.
The airport said: "CPPIB also asserts that Auckland Airport does not have grounds for refusing to allow it to trade in Auckland Airport shares.
"Auckland Airport considers it has acted entirely reasonably and lawfully in relation to the confidentiality agreement between the parties at all times."
CPPIB's claims in relation to the confidentiality agreement include a damages claim for approximately $2m.
Graeme Bevans, CPPIB's vice president - head of infrastructure, said: "Whilst we regret having to take these actions, CPPIB fully respects New Zealand laws and looks forward to these matters being resolved through the High Court proceedings."
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