SingTel spins a line over CyberWorks trade

Some people find it a little odd that Singapore Telecom (SingTel) subscribed to 580,000 shares in its big rival Pacific Century CyberWorks last week.

But Lai See has been assured that there's a perfectly logical explanation.

It was an accident.

In fact, the Singapore phone giant didn't even know about the $13.6 million trade until it was too late.

Perhaps a SingTel staffer was walking down the street when he inadvertently stepped in a pile of shares, which stuck to the bottom of the unwitting fellow's shoe as he tramped up the stairs into his office.

It could happen.