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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: ms.smartest.person who wrote (1011)4/7/2001 8:54:03 PM
From: ms.smartest.person  Read Replies (1) of 2248
 
Richard Li's Pacific Century Wins Appeal in Singapore Court

By Chan Sue Ling

Singapore, April 7 (Bloomberg) -- Pacific Century Regional Developments Ltd., controlled by Hong Kong businessman Richard Li, won an appeal against a decision alleging it had breached a joint venture agreement with a Canadian company.

The Singapore-listed Pacific Century Regional was sued in April last year for allegedly breaching a pact with Canadian Imperial Investment Pte when it transferred its 75 percent stake in Quinliven Pte, a joint venture company set up by the two companies, to Tricom Holdings Ltd.

Tricom is now known as Pacific Century CyberWorks Ltd. and is a unit of Pacific Century Regional.

The Canadian company had argued that Pacific Century Regional had violated a clause in their agreement, which required Canadian Imperial Investment to be informed of any offer from a third party to acquire Quinliven shares.

In its appeal, Pacific Century Region argued that the clause was not breached because the transfer of shares was to a unit, the Singapore company's lawyers said.

``All Richard Li did was he reorganized his property companies into one side and reorganized his internet companies into the other,'' said Edwin Tong, one of the three lawyers for Pacific Century Regional.

Canadian Imperial Investment was entitled to claims of about $41 million under the earlier ruling.

quote.bloomberg.com
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