Richard Li, one of Hong Kong's best-known business tycoons, was yesterday rebuked by a judge for a “clearly manipulated” shareholder vote that approved the attempted $2bn buy-out of his telecoms company PCCW.
In a 74-page ruling outlining reasons for its decision to block the transaction, a Hong Kong court said PCCW minority shareholders had not been treated fairly in the buy-out.
Three appeal court judges unanimously disapproved the deal on April 22.
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