ATV investor flashes cash pile in public stunt

Friday, March 04, 2016

The battle to hold on to troubled Asia Television took on the feel of a soap opera today when an investor paraded piles of cash to press their claim.

Investor Si Rongbin’s representative displayed a suitcase filled with cash at a media briefing to show that he has enough money to keep the station afloat.

Ho Tsz-wai, accused ATV's provisional liquidator Deloitte of trying to wind up the company without consulting the company's management or members of the public.

She said ATV was committed to providing services until April 1 when its free-to-air TV licence expires.

Ho disputed Deloitte's claims that ATV simply does not have the cash needed to continue operating till then by displaying a suitcase of cash. She said Si has prepared HK$10 million to keep the station afloat.

However, it is so far unclear what effect Si's action will have any impact as Deloitte has already been given the go-ahead by the High Court on Thursday to wind up the station.

Deloitte has already started meeting with ATV employees today. The liquidator plans to lay off more than 400 staff and take the station off the air by the end of the day.

The broadcaster has run up millions of dollars in debts and its employees haven’t been paid salaries for the last two months.—RTHK