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Late cash drama at Hong Kong’s ATV

This week a Hong Kong judge ordered struggling TV station Asia Television (ATV) to close. The broadcaster is already officially in the hands of provisional liquidator Deloitte. But local businessman Si Rongbin, who had earlier promised to rescue the station, had his colleagues turn up on the doorstep of the channel on the morning of March 4th with a suitcase said to contain HK$5 million in cash, along with a cheque for HK$5 million.

Si’s representatives held an impromptu press conference at the station and surrounded by 10 of the station’s senior staffers said the cash could be paid to staff who stay loyal to ATV. Accusations were also made that Deloitte had failed to recognise the true value of ATV.

ATV spokesman Jeff Wong Sau-tung told the South China Morning Post that he had seen staff from all departments carrying on with their work on Friday. “Now it’s all up to Deloitte to decide on whether it will accept Si’s HK$10 million proposal and halt the liquidation process,” Wong said.

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