Hong Kong’s commercial crime bureau has undertaken a dawn raid on the home of PCCW chairman Richard Li as part of an investigation into his attempt to privatise the company last year.
A crack team of officers entered Li’s Hong Kong mansion as they…
Hong Kong’s commercial crime bureau has undertaken a dawn raid on the home of PCCW chairman Richard Li as part of an investigation into his attempt to privatise the company last year.
A crack team of officers entered Li’s Hong Kong mansion as they searched for clues regarding the circumstances of the failed US$2bn privatisation effort, which the Hong Kong Court of Appeal said was subject to a “clear manipulation” of the shareholder vote. Police have also inspected the offices of insurance company Fortis, whose staff had been given 500,000 PCCW shares as part of the proposed deal.
Under the terms of the deal, Li’s Pacific Century Regional Developments (PCRD), PCCW’s largest shareholder, and China Unicom had offered to buy all the shares they did not own at HK$4.50 per share.
