SFC seeks to intervene in PCCW deal
25-02-2009
The Securities and Futures Commission will seek to intervene in the controversial PCCW privatisation deal at a High Court hearing today. The securities regulator, which has been investigating allegations of vote-rigging at a shareholders' meeting this month, said it would ask the court to let it be heard in the case. The move raises the possibility of more delays for the multi-billion dollar privatisation deal which was approved at the shareholders' meeting. In another development, thousands of PCCW staff are working-to-rule today to protest against lay-offs. It's thought about 80 percent of employees may refuse to work overtime. Terry Ip, of the PCCW staff union, told RTHK's Hong Kong today that the action by staff would not have a major effect on the company's operations.
