The $200 million acquisition of stakes in PCCW Ltd. by Hong Kong-based business mogul Joseph Lau and a group of undisclosed friends is marred by controversy, following charges of vote rigging involving privatization of the telecom company.

The acquisition, which represents 9.3 percent of the company’s total shares, was tackled in three phases- when the deal was first announced in November, followed by a sweetened proposal in December and at last the final approval from the shareholders.

While the next High Court hearing is set for April 1, the Securities and Futures Commission is continuing its probe into the alleged vote-rigging.

In the process, voting records have also been seized from shareholders’ meeting and started probing the takeover bid, amid claims some Hong Kong insurance agents were offered stock for supporting the transaction.

Judge Susan Kwan has asked the SFC to file evidence from its investigation of the takeover bid within 21 days.

The most recent development represents Lau’s comments made in a press conference in Hong Kong, stating that he had only one vote in the PCCW shareholders'' meeting as most of his shares were held by nominees in the Central Clearing and Settlement System.

While declining to comment on the figure of shares he or his company held, Lau said he was not on the list of those being investigated by the Securities and Futures Commission.

He disclosed he had paid HK$20 million after being blackmailed by someone who threatened to cause hindrance to the buyout deal of his own company 18 years ago.

Further he showed faith in the investigation and said he hopes to see a fair probe.