Small shareholders of PCCW censure Richard Lee and managing team

Several small shareholders of PCCW (0008) interrogated the chairman and CEO Richard Lee at the board meeting that the company made heavy provision last year and thus made it sink into negative assets company. Moreover, the small shareholders were not satisfied with nil dividend after the merger, which only brought billions of HK dollars to the directors and they also criticized that the directors still gain high salary with company in negative assets situation.

While Richard Lee responded that the nil dividend was approved by both the sizes when PCCW was merged with Pacific Century Digital. He also noted that the negative assets was only dealt in account book, or the profit of the company in the future years would be affected, adding that if the company did not choose provision, the negative assets would be US$17 bln.

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