"PCCW defends buyout deal in court | AboutHK.Com - more information about HK"

Lawyers for PCCW Ltd defended a $ 2.1 billion buyout led by Chairman Richard Li to a court hearing Wednesday that regulators no evidence of wrongdoing that could be controversial, however, a general meeting in February that the transaction is approved. They also said officials with the Hong Kong Securities and Futures Commission no evidence that the former deputy chairman, Francis Yuen, played an improper role in the vote. Hong Kong's High Court is to consider whether the admission of a buyout blessed by the shareholders at a February meeting, but from the Commission, also known as the SFC. The SFC Thursday morning officially oppose the deal that shares were wrongly awarded to investors and should not be in the direction of the total vote. An SFC lawyer Thursday urged the investors to the shares of "artificial creatures." The hearing follows an SFC investigation involving a number of insurance agents who registered as shareholders in the days leading up to the meeting. The struggle has riveted this Asian financial capital of Hong Kong because of the broad base of PCCW owners. Mr. Li is the son of Hong Kong billionaire Li Ka-shing, which controls conglomerates including Hutchison Whampoa Ltd. Wednesday hearing, take a look at Mr. Yuen, a longtime confidante Li He declined to comment through a spokesman. Li leads a group to buy the 52% of telecom firms in Hong Kong that they are not already for 4.50 Hong Kong dollars (58 U.S. cents) a share - a 55% premium when the offer until the October, but under PCCW's HK $ 100 a share level of the prior nine years. According to the SFC, an unusual number of PCCW share registration by insurance agents at Fortis Insurance Co. (Asia) Ltd was held in the days before the February vote. The business, since 2007 part of Fortis NV, was before that time a unit of Pacific Century Regional Developments Ltd., or PCRD, Mr. Li's investment vehicle that is leading the buyout effort. Michael Todd, a lawyer for PCCW, said SFC interviews of insurance brokers, with shares which showed no evidence of improper efforts to influence the vote. Mr Todd said the shares were acquired by a Senior Regional Manager, Fortis, which are often awarded bonuses PCCW shares or bonuses to the employees. He also said the regulator no evidence Manager distributed the shares on behalf of Mr. Yuen, who is also deputy chairman of the PCRD. A Fortis spokeswoman declined to comment Insurance. The insurer said that all the investment decisions of its agents were in personal skills. Comments Please login to post comments or replies.