A Hong Kong judge yesterday called a plan by tycoon Richard Li and his Chinese partner to pay themselves a cash dividend of up to $2.4bn once they have taken PCCW private “outrageous”.
Justice Anthony Rogers of the Court of Appeal said he could not understand why Mr Li, PCCW's chairman, and China Netcom chose to buy out the Hong Kong telecom group at a “rock-bottom price” of HK$4.50 a share, or about $2bn.
“I have been thinking about it in the last few days. I can't see any rationale of the scheme at all,” Mr Justice Rogers said on the fourth day of an appeal court hearing.
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