14 Oct '11, 6am

Billionaire shareholder seeks ATV 's liquidation

Billionaire shareholder seeks ATV 's liquidation

HONG KONG: Norwares Overseas, a company headed by Taiwan snack tycoon Tsai Eng Meng, has filed an application on Tuesday to wind up Asia Television Ltd (ATV), one of the two free-to-view broadcasters in Hong Kong, reported Hong Kong media. Tsai, the second-largest shareholder of ATV, said he was "forced" to seek ATV's liquidation in the wake of a dispute with ATV over convertible bonds. He said he paid HK$23milion (S$3.7 million) for ATV's convertible bonds in 2009 but had not received the bonds. Tsai added that he had asked ATV to return his money last month, but the broadcaster failed to do so. "As a shareholder of ATV, I received no financial statements, agenda or whatsoever from ATV." "I'm forced to file to liquidate ATV," said Tsai, who is one of the wealthiest men in Taiwan, with an estimated net worth of some US$5.2 billion (S$6.6 billion). ATV on the other hand, sa...

Full article: http://www.channelnewsasia.com/stories/entertainment/view...

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