PCCW denies investigation

As details of PCCW''s acquisition of Sunday emerge, the company denies any knowledge of an SFC investigation into insider trading.

Jack So, the deputy chairman of PCCW yesterday June 14 denied the company was under investigation by the SFC for insider trading in relation to its acquisition of Sunday Communications. I'm not aware of any enquiries into our company, he said.

On Tuesday FinanceAsia.com reported that the SFC was investigating suspicious trading patterns into the shares of Sunday in the run up to the deal announcement on Monday. Other irregularities surrounded the purchase of HK$72 million $7.3 million of shares by PCCW's chairman Richard Li in the month prior to the announcement of the major acquisition.

PCCW's group CFO Alex Arena said negotiations...

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