Tycoon admits to buying $200m stake in PCCW

Hong Kong billionaire Joseph Lau Luen-hung has revealed that he and an undisclosed number of friends had recently bought a $200 million stake in PCCW.

But Lau, who owns a majority stake in investment firm Chinese Estates, said he was not a subject of the Securities and Futures Commission (SFC's) vote-rigging investigation, SCMP said.

The SFC last month announced it was investigating Richard Li's recent successful privatization bid for PCCW, and days later seized the shareholder voting records.

Lau told a press conference in Hong Kong Wednesday that he and his friends bought the packages in three phases - when the deal was announced, when Li increased his offer in December, and when the deal was approved.

A Hong Kong court delayed the hearing to approve the privatization deal until April 1, to give the SFC time to conclude its investigation.