Police have raided the home of PCCW chairman Richard Li Tzar-kai, son of Asia's richest man Li Ka-shing.
Officers from the Commercial Crime Bureau visited the PCCW chairman's home and executed a search warrant during the past week, people close to the tycoon confirmed.
The investigation, which two people with knowledge of the case said was not restricted to Li and involved multiple search warrants, is linked to Li's failed attempt to take PCCW private last year for HK$15.93 billion.
Police also made inquiries at the Hong Kong offices of Fortis Insurance (Asia) earlier this month.
PCCW and Fortis last year found themselves at the centre of a court battle with the Securities and Futures Commission, which successfully scuppered Li's buyout attempt.
Hundreds of Fortis agents were among 800 people who became shareholders of PCCW shortly before investors accepted the privatisation offer from Li and China Unicom Group last February. Li made the privatisation offer through Pacific Century Regional Developments, the Singapore-listed firm he controls.
'We do not believe Richard Li is the target of any investigation or that any senior management of PCRD or PCCW has committed any wrongdoing. We will co-operate fully with any investigation and wish to see it resolved as soon as practically possible,' said Martin Rogers, head of litigation for Asia at international law firm Clifford Chance, who is acting for Li in connection with the investigation relating to the privatisation.
