Friday, April 10, 2009
十面埋伏 The Ambush from All sides
"The Ambush from all sides"(十面埋伏), performed by Liu Fang （劉芳）during a solo recital in the Pierre-Mercurre Hall of the Centre Pierre-Peladeau, on March 27, 2002, in Montreal.
Thursday, April 9, 2009
Wednesday, April 8, 2009
Tuesday, April 7, 2009
PCCW's Privatization
Richard Li's privatization plan for PCCW will be delayed.
Earlier, High Court Judge Susan Kwan approved the USD 2 billion privatization of PCCW by its majority shareholders Richard Li and China Unicom.
Kwan's judgement and reasoning:
- no substantial evidence that the privatization vote had been rigged and the SFC's argument was only suspicious.
- splitting of shares is not a prohibited activity in HK. In common law, a shareholder is entitled to transfer some of his shares to nominees to increase his voting power at a meeting.
- independent shareholders who acquired their shares at different times might well be motivated to vote in different ways. That is a fact of life.
- conversations and SMS messages exchanged between former PCCW vice chairman Francis Yuen 袁天凡 and Fortis Insurance regional director Inneo Lam 林孝華 did not have "anything to do with what Lam did to split shares. - there is merely suspicion, wholly unsubstantiated by evidence.
Despite the High Court approval , the privatization was put on hold for another 10 days as the Securities and Futures Commission was granted the right to appeal.
Appeal grounds:
- the case whereby the agents for PCCW were accused of manipulating voting on the privatization plan by splitting shares and distributing them to employees in exchange for votes, was "sufficiently serious" for an appeal - said Court of Appeal Justice Anthony Rogers.
SFC chief executive Martin Wheatley said the regulator would need a full clarification on vote splitting which in his view is illegal.
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