An Oldie But A Goodie (2001)

Richard Li

People often don't come clean until they get busted. For years, his non-degree was listed on all of his official documents, including his website, and likely introduced as a Stanford graduate. Even Times magazine cited his computer engineering degree from Stanford. He could not have missed the error.

But he chosed to keep it a fraudulent secret until the International Herald Tribune reported it. Then he said that he never claimed he graduated from Standord but only attended, and that he dropped out 6 months shy of graduation as he was in a hurry to start work. Hmmmm .... excuses, excuses. Regardless, during that period, PCCW's share valued dropped to 10% of its highest value (now languishing at about 20% of that highest value). Perhaps a real education may have helped??

Tycoon Richard Li has admitted his company had for years falsely described him as a Stanford University graduate.

The South China Morning Post (SCMP) reports that Pacific Century CyberWorks pulled the erroneous statement from Li's online curriculum vitae - after media reports revealed it to be untrue. Li described the claim as a mistake.

He was backed by his father, Li Ka-shing, who said his son was "absolutely not a person who tells lies".

Richard Li, 34, told SCMP: "I didn't get the Stanford degree. After I finished my secondary education in the United States, I attended Stanford University for three years but I did not get the Stanford degree."

"I went to an investment bank to work. In all our documents submitted to the listed company, the stock exchange, I only said I received education there, I did not say graduation."
PCCW has for years issued publicity material describing Li as having "graduated from Stanford University with a degree in computer engineering". The claim has been repeated in publications around the world.

One analyst told the newspaper, the news would damage investor confidence in Hong Kong.
"When all hell is breaking loose around the world and you have this headline that one of the more prominent guys in Hong Kong gets caught without a degree ..., as a foreign investor what do you say? It's ridiculous," said Ryan Fong, vice-president of institutional sales at e2-Capital Securities.

Until Wednesday night, PCCW's Web site referred to Li's graduation in its list of his credentials. Those lines were pulled when the International Herald Tribune said Stanford had confirmed he failed to finish. "There were in fact mistakes and as soon as I saw the mistakes, I told them to correct them immediately," Li said.