Following is a letter sent to the Editor of the Financial Times:
Sir,
Shareholders of Richard Li's companies should not put up too many obstacles to any sale of his shares as we don't want to upset him. Who knows how he could react ("Shareholder group lashes out at Li" Financial Times July 20, 2006).
Minority shareholders in his companies should do what is necessary to let him go and keep away, as the worst situation would be to be a minority shareholder in a company that he controls where he has just sold the operating assets and is sitting on a pile of cash. You can bet he will not be giving any of it back, at least not voluntarily.
This kid in a candy store with other people's money will continue to show the same care for good governance and minority interests he has shown to date.
Onésimo Alvarez-Moro
See article:
The controversial sale of a major stake in top telecoms company PCCW raises fresh doubts about Hong Kong's corporate governance and undercuts its claim to be an international financial centre, analysts say
The controversial sale of a major stake in top telecoms company PCCW raises fresh doubts about Hong Kong's corporate governance and undercuts its claim to be an international financial centre, analysts say.
They said the deal did not reflect well on standards in Hong Kong, with smaller investor interests in particular ignored while the major parties, including Beijing, worked out the details to their advantage.
The deal "shows that Hong Kong in many sense remains a small town run by an elite group that feels free to act with impunity," the South China Morning Post English-language newspaper said in a sharply critical editorial.
See full Article.
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