PCCW buy-out rocked by SFC investigation

PCCW shareholders voted in favour of a privatisation proposal this week, but allegations of vote-rigging threatened to derail one of the biggest financings to hit the Asian market since Lehman Brothers collapsed in September.

  • 05 Feb 2009
Some 82% of shareholders approved the HK$15.975bn ($2bn) privatisation plan tabled by PCCW chairman Richard Li and China Netcom, the second biggest shareholder, on Wednesday, before the Hong Kong Securities and Futures Commission (SFC) seized voting papers as part of an investigation into alleged vote-rigging. The latest twist ...

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