Fate of Digital Broadcasting Corporation to be known today
Major shareholders expect agreement on Digital Broadcasting Corporation
The fate of the troubled Digital Broadcasting Corporation should become clearer today after its major shareholder vowed to come up with a final decision on the future of the four-month-old radio station.
Bill Wong Cho-bau was quoted as having made the pledge amid continuing disagreement among board members after a court issued an injunction to stop co-founder and host Albert Cheng King-hon disclosing confidential information.
Chief executive and board member Morris Ho Kwok-fai said Wong, who sought the injunction, had asked for an extra day to think about the station's future.
"Both sides want to keep the licence - in other words keeping the broadcasts running. But [Wong] wants to have one more day to consider the way forward," Ho said.
Cheng has been at odds with Wong, a Beijing loyalist and station chairman, since Wong refused to top up his investment in the company for what Cheng called political reasons. Cheng on Wednesday launched a 100-hour countdown to closure and made an offer on ownership changes.
Ho said some shareholders were still out of town and Wong had promised to make up his mind by 5pm today. Because of the gag order, Cheng did not comment on the board meeting.
Cheng did not attend the hearing before Justice Jonathan Harris in the Court of First Instance. After the application was allowed the case was adjourned to October 8 for further court directions.
Wong's lawyers told the court that Cheng had been taping board meetings without the board's consent or authority. They also suspected Cheng had supplied transcripts to the press.
Wong, his lawyer Daniel Fung SC said, made an urgent application to stop Cheng from divulging further confidential information ahead of a general meeting. Cheng was bound by the shareholders agreement not to disclose confidential information heard in the meetings, the lawyer said.
Cheng is also barred from repeating the confidential information he has already disclosed. He may however discuss the confidential information with employees and agents of the radio station. "The way we drafted the order is to be as helpful for Cheng as possible rather than to trip him up in day-to-day operations," Fung said.