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

LF Edge, an umbrella organization that's part of the Linux Foundation, announced the second release of its Akraino Edge Stack.

Chris Young is leaving his role as CEO of cybersecurity firm McAfee to become a senior advisor with TPG Capital, which has a majority stake in McAfee.

CenturyLink wins a $1.6 billion contract with the U.S. Department of Interior to upgrade its network services and modernize its IT solutions.