Hong Kong financial regulators moving to block PCCW buyout

Hong Kong's Securities and Futures Commission announced Thursday it is moving to block the $2 billion buyout of PCCW. Regulators told a court reviewing the deal to privatize the company that a Februrary shareholders vote was rigged.

An attorney for the Commission said that an executive at Fortis Insurance Company (Asia) handed out about a half million PCCW shares to Fortis employees in order to sway votes in favor of the deal. Employees voting on the deal would have never have been registered to vote on it if the company executive had not supplied the shares days before the vote.

PCCW and its partners have denied any involvement.  A written ruling in the case is expected on Monday.

For more:
- Read the story at the Seattle Times.  Article.

Related articles
PCCW deal approved by shareholders, but inquiry awaits
Criticism mounts against PCCW privatization bid - FierceTelecom

Suggested Articles

IBM has named internship and mentor program Outreachy as the winner of its second $50,000 Open Source Community Grant.

While carriers have kept up with the networking demands related to the COVID-19 pandemic, Vodafone is upgrading its network by 4 TBps of capacity.

According to revised research by International Data Corporation (IDC), worldwide IT spending is now expected to decline by 2.7%.