The shareholder vote approving a tycoon's $2 billion bid to buy out a major Hong Kong telecom company was clearly manipulated, a court said Monday.
A buyout team led by PCCW Chairman Richard Li was forced to abandon plans to take the company private after a Hong Kong appeals court rejected the deal last month.
In doing so, the court sided with the local securities watchdog, which claimed half a million PCCW shares were doled out by a local businessman connected to Li as part of an effort to sway votes in favor of the offer.
"There was a clear manipulation of the vote," Judge Anthony Rogers, part of the …
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