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SFC may probe PCCW

By Hui Ching-hoo and Teddy Ng (China Daily)
Updated: 2009-02-25 08:10

The Hong Kong High Court yesterday allowed local securities regulator, the Securities and Futures Commission (SFC), 21 days to gather evidence related to the alleged vote rigging during the privatization program of telecom firm PCCW.

Related readings:  8 PCCW contractors settle fees  Labor strife heats up at troubled PCCW  SFC looking into PCCW share claims

Minority shareholders can file their responses to the investigation within seven days of the SFC submitting its report. The case would be heard by end March or early April.

The privatization of PCCW was scheduled for hearing yesterday following the company's approval of a buyout bid by a consortium led by PCCW chairman Richard Li during an extraordinary general meeting on Feb 4.

The meeting, however, was marred by alleged vote rigging, which made its minority shareholders strongly discontented with the result. SFC intervened to seize the voting records after the EGM.

SFC's lawyer yesterday asked the court to grant more time for the investigation in view of the complexity of the issue.

High Court Justice Susan Kwan decided to allow SFC to intervene in the issue because it involved sensitive information regarding stock prices. But she said the information should not be made public at the moment.

PCCW Managing Director Alex Arena showed up at the hearing yesterday, but refused to comment on the arrangement.

A PCCW minority shareholder, who identified himself as Chan, said 21 days was too short a time for the SFC investigation. "But the arrangement is just tentative. I believe the court will increase the time period if more evidence is gathered."