|
Li cuts ties to Hutchison
|
 |
August 16, 2000: 6:10 a.m. ET
Entrepreneur resigns from father's company ahead of Cable & Wireless deal
|
LONDON (CNNfn) - Hong Kong entrepreneur Richard Li resigned as deputy chairman of Hutchison Whampoa Ltd. on Wednesday, severing his ties with the conglomerate controlled by his billionaire father to avoid conflict of interest concerns.
Li, chief executive and chairman of Internet investment venture Pacific Century CyberWorks, is finalizing his company's takeover of Cable & Wireless HKT. After the merger, which is expected to close Thursday, Pacific Century CyberWorks will compete with Hutchison's telephone divisions.
Li is the younger son of Li Ka-shing, the chairman of Hutchison and Cheung Kong (Holdings) Ltd.
Hutchison announced Richard Li's resignation in a brief statement.
Li also stepped down, effective immediately, as executive director of Hong Kong Electric Holdings Ltd., a Hutchison subsidiary.
Anil Daswani, head of Hong Kong research for Salomon Smith Barney, told CNNfn that Li's decision eases regulatory concerns and removes any appearance of conflict of interest. 
-- from staff and wire reports
|
|
|
|
|
 |
|
