R Li admits fault as not clarify academic info earlier
2001-04-02 15:49
(Infocast News) PCCW (0008) Chairman Richard Li stated that he 'did the wrong thing' and can handle better regarding his not making clarification of his acedemic qualification in the past eight to nine months. He claimed that the company will not be influenced as no erroneous information is found in the documents of the company and that follow-up work will be set forth for any wrong press reports, be they positive or negative to the company.
Referring to the misleading qualification disclosure in the IPO documents of Rediff.com in the US and Mediring.com in Singapore, he stated that the company will not be affected since he takes the post of director in his own name.
He stated that he will only be fined in the worst case comes after seeking advice from his lawyer. However, he has not received any notice from US SEC and the Singaporean counterpart.
He does not regret that he has not finished the degree in Stanford, since he agreed to work for Golden Capital before the then Christmas. He claimed that he made a right decision to go for work at once in that year since the job equipped him more knowledge about finance, mergers and acquisitions.
Being asked if he will finish the degree, he said that he is not allowed(?) and has no time to finish it in the light of his current work.
Referring to the current share price performance, he replied that the share prices of TMTs in the whole world go down and that PCCW is not the greatest loser, the decline in the share prices of Amazon and Yahoo! slump more than that of PCCW.
infocastfn.com
Did anyone think Richard Li would say he regretted not completing his degree? Saying he regretted, would surely raise questions (& eyebrows) over the degree "issue".
APPLES & ORANGES, IMO! Richard Li comparison of PCCW (Telecom) to AMZN (Internet Software & Svcs sector) and YHOO (Internet Info. Providers)?
FYI, PCWKF is down 89% from their high of $3.27 on 3/31/00.
AMZN & YHOO (off their highs, 85% and 91%, respectively) may be down, but we are not talking negative equity on either!
WRONG RICHARD! PCWCK's percentage loss is greater than AMZN's!
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