Hong Kong – PCCW Ltd plans to sack 600 staff to cut costs, union staff said Wednesday. Same day, shareholders approved a HK$15.9 billion ($2.05 billion) buyout offer led by chairman Richard Li – prompting investigation by the Hong Kong stock market regulator. The Securities and Futures Commission took possession of PPC Ltd’s voting records and will start investigating the buyout process, said a spokesman. The HK$4.50-a-share bid was supported by more than 75 percent of stockholder votes, PCCW had said. But a shareholder activist filed complaints to government agencies including the Securities and Futures Commission, alleging some Hong Kong insurance agents were offered PCCW stock for supporting the buyout plan. PCCW has lost more than 90 percent of its value since Li, the son of Hong Kong’s richest man, used his Internet startup to buy the former Cable & Wireless HKT Ltd. in 2000.