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SCMP Reporter

Tycoon Li Ka-shing hit back at critics of his family's dominance of business yesterday, denying he had been afforded privileges by the post-handover Government.

 'I have no ambition but only a loving heart for Hong Kong,' said Mr Li, who runs Cheung Kong (Holdings) and Hutchison Whampoa.

 Mr Li has come under fire because of the bid by Internet company Pacific Century CyberWorks, run by his son Richard Li Tzar-kai, to merge with Cable & Wireless HKT.

 Some legislators say that the deal, if it goes through, would give the Li family control over almost every aspect of life, from telecommunications to supermarkets and electricity supply to housing.

 These fears were highlighted in an article in this week's Next magazine, which says that if the merger goes ahead, the family would control some $1,400 billion worth of assets - equal to almost 40 per cent of the Hang Seng Index's market capitalisation.

 But Mr Li, speaking at the Beijing Liaison Office spring reception last night, urged his rivals not to be jealous, arguing that more than 94 per cent of profits at Hutchison Whampoa were derived from overseas.

 'I hope there will be fewer noises after I disclose my [business] results,' he said.

 He said that in the next five years his companies' profits would come mainly from abroad.

 'If Hong Kong has any opportunity, I will invest here first. [Investment overseas] is only because I have spare money,' he said. 'The return rate [overseas] has been faster . . . we all love Hong Kong.'  Mr Li said Hutchison would not do a deal with CyberWorks because he did not want to jeopardise his company's mobile phone licences. 'We did think about it.'  CyberWorks said last week that it had proposed a merger with HKT, which is 54 per cent owned by Britain's Cable & Wireless.

 The Government denied yesterday that either it or Beijing had interfered in the battle for HKT.

 'It's entirely speculative and factually incorrect to say the Hong Kong SAR has sought to influence the outcome of the proposed merger for any political reasons,' said Information Co-ordinator Stephen Lam Sui-lung.

 'It's also speculative and without evidence that the central people's Government has been involved in any way in recent events concerning the proposed merger.' 



I have a loving heart, says under-fire tycoon