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Technology Stocks : PCW - Pacific Century CyberWorks Limited -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (664)	3/25/2001 7:47:27 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

PCCW explains 'erroneous' material ANTOINE SO Pacific Century CyberWorks on Friday night revealed its head Richard Li Tzar-kai was associated with two companies which had filed public statements that contained "erroneous" material about his academic record. The Internet tycoon and college dropout was believed to have returned to the SAR from Tokyo on Friday where he had accompanied Chief Executive Tung Chee-hwa on a visit. On Thursday, Mr Li admitted PCCW had for years described him as a Stanford University engineering graduate when in fact he dropped out. He added that in all PCCW documents submitted to the stock exchange, he only said he received education there, but did not say graduation. Last night, a statement issued by PCCW said: "Following Mr Richard Li's clarification issued on March 22, 2001 regarding his academic record, Mr Li instructed a search be conducted of all relevant legal documents. 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. "Mr Li has contacted the companies concerned and asked them to take all necessary and appropriate action. PCCW only holds a very minor equity stake in one of those companies and no longer holds a minority stake in the other company. "It appears that this situation 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." Before leaving the Japanese capital, Mr Li, 34, spoke to the International Herald Tribune about the publicity surrounding his curriculum vitae. He said he left Stanford because of a botched attempt to graduate early. Mr Li said he planned to finish the degree in his fourth year but he discovered too late he did not have enough credits. technology.scmp.com