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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (661)	3/25/2001 5:55:09 PM
From: ms.smartest.person	Read Replies (1) of 2248

PCCW says Li's erroneous academic record contained in some public statements AFX Europe, Mar 23, 2001 Pacific Century CyberWorks Ltd said erroneous material concerning the academic record of executive chairman Richard Li was referred to in some public statements issued by companies in which he served as a non-executive director. "Following Richard Li9s clarification issued on March 22, 2001 regarding his academic record, Mr. Li instructed a search be conducted of all relevant legal documents," PCCW said in a statement. "Mr. Li has since become aware that one company of which he is a non-executive director and one company of which he was previously a non-executive director have filed public statements which contained certain erroneous material concerning his academic record," it added. "Mr. Li has contacted the companies concerned and asked them to take all necessary and appropriate actions. PCCW only holds a very minor equity stake in one of those companies and no longer holds a minority stake in the other company," the statement said. Yesterday, Li issued a statement saying that "in some isolated instances", company public relations materials had inaccurately reported that he had graduated from Stanford University, when in fact he had left before completing his degree. He said "this inaccuracy did not appear in public disclosures filed by the company in accordance with applicable legal requirements." In its latest statement, PCCW said the fact that this information did appear in public statements issued by companies in which Li was a non-executive director "arose principally because PCCW's equity interests in these companies were relatively small and they were not PCCW companies." "As such, information for the filings was not processed by the relevant department within PCCW in accordance with the same procedures established for the dissemination of information by PCCW group companies. This oversight has now been remedied." jw/an/ World Reporter All Material Subject to Copyright globalarchive.ft.com

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