Asia Television doesn't have enough money to pay a month's salaries
Beleaguered channel's executive director also says more potential investors are interested in buying a stake
Beleaguered broadcaster ATV does not have enough money in its bank account to pay a full month's salary to its 700 staff, according to executive director Ip Ka-po.
Ip said during a DBC radio programme that he was unable to give an estimate of when the station would be in a position to pay salaries to its employees and licence fees it owes to the Communications Authority for last year and this.
"A month's salary would cost the station around HK$15 million, while the licence fees also cost more than HK$10 million," he said. "We have some money in our bank account, but it's not enough to settle a full month of salaries."
The station has yet to pay last month's salaries to its employees. It is also facing a HK$200,000 fine for failing to pay its licence fees.
The Communications Authority has threatened to take more severe action, such as moving to revoke the station's licence if ATV fails to settle the fees. The deadline for the first payment is February 18. The second is due on March 18.
Meanwhile, Ip also said that more potential investors had expressed an interest in buying part of ATV after a tender to sell a 10.75 per cent stake in the broadcaster closed earlier this week.
Ip said new potential investors had contacted the station's management and accountants from Deloitte to learn more details about the sale.
Two Deloitte accountants were earlier appointed as station managers by a court to take charge of the sale.
Ip declined to say how many new interested parties were involved or identity them. However, he suggested that they showed up late as they might be looking to buy a bigger stake than what was on offer in the tender.
The tender, which closed on Monday, aims to sell 10.75 per cent of shares, currently held by Wong Ben-koon, a relative of major investor and mainland businessman Wong Ching.
Ip said he had secured new advertising sales and free content for broadcast after meeting some Hong Kong members of the Chinese People's Political Consultative Conference during their visit to Guangxi province this week.
Ip will appear in court on Friday to answer 76 summonses, served against both him and ATV, over delayed salary payments.
