Business Community & Education Hong Kong

Investor flaunts case of ‘cash’ at press conference in last-ditch attempt to save ATV

A representative from ATV’s new investor displayed a case allegedly containing HK$10 million at a press conference on Friday as they voiced their opposition to Deloitte’s decision to shut down the company.

Ho Tsz-wai, who represents ATV’s new investor, China Culture Media International’s Si Rongbin, presented a case filled with HK$1000 notes, claiming that it contained HK$5 million cash and a HK$5 million cheque. Part of the money would be used to pay off their employees’ wages and their operating costs, said Ho said.

However, Now TV and Apple Daily reported that the bottom of the case appeared to hold cardboard boxes and red-coloured HK$100 notes rather than HK$1000 notes.

ATV new investor

A representative from ATV’s new investor showing off box of cash. Photo: Now TV screen shot.

At the press conference, Ho also denounced Deloitte’s decision to lay off all of ATV’s employees on Monday.

“On Monday’s press conference, [Deloitte] did not notify any, and I say, any, related parties, but announced that they would lay off all employees,” said Ho. She also questioned Deloitte’s professional risk assessment.

ho tsz-wai atv deloitte

Ho Tsz-wai. Photo: RTHK screen cap.

ATV approached the High Court in an attempt to stop Deloitte from shutting down the company following its announcement on Monday, but the court ruled that it would not stand in the way of actions taken by Asia Television (ATV)’s liquidator to shut down the station on Thursday.

ATV said that Si was willing to inject HK$10 million into the company until the broadcaster closed down on April 1. However, Deloitte announced on Thursday evening that it would dismiss almost all ATV employees and the TV station would be shut down.

Ho said that ATV does not have a timetable for stopping broadcasts. “I hope this is not the end of ATV, but the start of something new,” Ho added.

Investor flaunts case of 'cash' at press conference in last-ditch attempt to save ATV