What will become of pccw, owner of Hong Kong's biggest fixed-line phone company? On February 24th Kong Kong's High Court will begin to resolve that question, at a hearing regarding the shareholders' recent decision to approve a $4 billion buy-out led by Richard Li, the firm's boss.rnThe hearing is tied to an investigation of the shareholder vote led by the local stockmarket regulator. Just before the vote took place, insurance agents attached to a former sister company of pccw appear to have received small blocks of pccw shares. No one seems to know how the agents got the shares, or how they voted. But the regulator has received several complaints about it all.rnUnder local law, a buy-out must be approved by more than half the shareholders that are not party to the acquisition. Leading up to the vote, the outcome had seemed in doubt. But in the end the deal sailed through, albeit with loud public protests.
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