A Hong Kong appeals court yesterday backed a Securities and Futures Commission appeal that the $2.2 billion proposal to privatise Richard Li's telecommunications firm PCCW be rejected.
The proposal has been in limbo since February 24. Shareholders approved the delisting on February 4 but the SFC, spurred into action by evidence submitted by Hong Kong's corporate governance champion, David Webb, editor of webb-site.com, alleged that the vote was rigged. PCCW won a case in the High Court to proceed with the delisting on April 6 but, yesterday, Hong Kong's Court of Appeal sided with the SFC and ruled that the privatisation proposal should be scrapped.
This is the first time the SFC has exercised...
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