ATV shareholder says only a fool would invest more in station
Snack tycoon refuses to invest more cash in what he believes is a doomed broadcaster
A major ATV shareholder says he would rather donate to charity than pump any more cash into the free-to-air broadcaster, rejecting a management call to inject fresh funds so that staff could be paid.
Taiwanese snack tycoon Tsai Eng-meng reiterated his tough stance on the station in a recent media interview, saying that if he were to loan ATV another HK$10 million to HK$20 million to pay wages, he might not get anything back.
"What if ATV is wound up after I invest more money?" he asked. "Only a fool would do that."
Tsai, together with brothers Payson Cha Mou-sing and Johnson Cha Mou-daid, control 48 per cent of the struggling station.
ATV executive director Ip Ka-po, who had earlier urged Tsai to consider putting in more money, yesterday promised ATV's 700-plus staff the remaining half of their November pay by today after more advertisers paid up.
But Ip said he could not say when their December salaries, which are due to be paid today, would be issued.