The row between Taiwanese snack tycoon Tsai Eng-meng and Payson Cha Mou-sing, two of ATV's largest shareholders, has deepened with the tycoon saying he feels there has been a breach of trust. The dispute emerged after the two accused each other of 'bad faith' over the investments, following the acquisition by Tsai of a stake in ATV earlier this year. 'I fully trusted him when I first signed the agreement with him,' said Tsai, speaking for the first time to the media in Taipei yesterday about the row. 'And it seems to me now that there could be traps in the deal,' he added. Tsai, chairman of Want Wang China Holdings, was referring to the issuing of 50 million convertible bonds approved by the ATV board on October 17, for which the selling price was just 28 HK cents each, instead of HK$1.37 in the agreement. Tsai said he had been asked three times to provide a total of HK$150 million in funding through the issuing of convertible bonds, for which he had to pay HK$1.38 each in line with the agreement. The October 17 approval came just a day after Tsai told the ATV board he had nominated a Hong Kong person to represent him on the board. Tsai said that Cha always took along a lawyer when meeting him and said behind his back he did not like something Tsai had done. 'Maybe I should bring a lawyer along every time I meet Cha in future,' he said. Tsai said he had high respect but felt he did not get the same respect in return, which he found disappointing. He said he had not encountered similar problems while buying the Taipei-based China Times media group. Tsai said he had agreed to invest because he had confidence in ATV's future despite its deficit. While he had no plan to take over the management of the broadcaster, he could provide some proposals to help ATV, including getting more clients from Guangdong for TV commercials, which he believed was one way to help increase the station's income. On allegations that he had offered to provide HK$1 billion in funding for ATV, Tsai said he had never said that verbally or in print. An ATV spokesman declined to comment last night and stressed the station's operation has not been affected. The Cha family also declined to comment. But a senior ATV staff member said: 'This is the most serious in-fighting among the shareholders I have ever seen here.' The latest development comes after the South China Morning Post reported on two letters from Tsai to Cha, in which the Taiwanese tycoon accused his fellow shareholder of 'bad faith' and being 'ridiculous' over unspecified allegations about proposals that he pour additional money into ATV. He wrote that as a minority investor without control and no ability to gain control it was 'simply not realistic' for him to provide a 'disproportionate level of additional funding' for ATV, when no other shareholders intended to provide extra money.