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September 4, 2009

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Richard Li plans one last appeal

HONG Kong tycoon Richard Li is planning one last appeal of a court decision that blocked him from buying out PCCW, the city's major telecommunications company.
Pacific Century Regional Developments Limited, Li's Singapore-listed company, has filed a legal notice saying it plans to challenge the earlier ruling in Hong Kong's highest court, according to a statement to the Singapore Exchange late Wednesday.
Li attempted to take Hong Kong-based PCCW private for about US$2 billion earlier this year via PCRD and his other company Starvest.
But Li and his allies were forced to scrap the controversial deal after a court sided with the local securities watchdog, which claimed the shareholder vote approving the buyout offer appeared to have been rigged. Li sought to appeal the ruling, but his request was denied last month by the Court of Appeal.
The latest move by PCRD marks Li's one last appeal in Hong Kong.
PCCW said it would not take part in the latest legal battle but has filed a statement with the court expressing its support for the appeal.
"Since PCRD is progressing the appeal it is not necessary for PCCW itself to be an appellant," PCCW said in a statement.
Li is the son of one of Asia's richest men, businessman Li Ka-shing.


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