Thursday, June 16, 2005

PCCW Boss Richard Li Faces Trading Charge

From PCCW boss faces trading charge

"(...) Richard Li, is being investigated for possible insider trading after buying shares in his company, PCCW, ahead of a $330 million deal this week to buy a mobile phone company.

The deal will see PCCW re-enter the mobile phone business in Hong Kong, putting it in direct competition with Telstra, which bought Mr Li's original mobile company, CSL, for almost 10 times the price in 2001 and 2002.

Sources at Hong Kong's Securities and Futures Commission confirmed this week that they were investigating a series of share purchases by Mr Li in his own company ahead of the deal announced this week for PCCW to buy Hong Kong's smallest mobile company, Sunday."


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