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Police raid offices in PCCW case

Hong Kong Police have become involved in the failed buyout of telecoms operator PCCW. They have issued search warrants for individuals involved in the aborted deal. Offices have been searched at both PCCW and Fortis Insurance. Hong Kong’s market regulator, The Securities and Futures Commission, succeeded in its attempts to block the buyout of PCCW by Pacific Century Regional Developments after people close to the deal allegedly distributed free PCCW shares to insurance agents in an attempt to secure more shareholder votes.