A court yesterday extended an interim injunction preventing ATV shareholders Payson Cha Mou-sing and his brother from completing a share deal with mainland tycoon Wong Ching but stopped short of imposing the same restriction on Wong.
Afterwards, the Chas applied through their lawyer, Adrian Bell SC, for a formulation of the order that they considered narrower in scope, but it was not granted.
The court has left it open for them to apply again should they succeed in drafting a viable formulation.
Taiwanese snack tycoon Tsai Eng-meng, who had applied for the continuation, was 'pleased with the fact that he has effectively obtained the result he was seeking', his camp said in a press statement. 'Tsai is encouraged by the order granted, which protects his investment interests in ATV.'
Tsai had obtained the interim injunction in the Court of First Instance barring Cha and his brother, Johnson Cha Mou-daid, from disposing of their stakes in ATV holding company Pelaka Investments, and Wong from procuring them, in contravention of a letter of intent between the Chas and Tsai.
Yesterday, Mr Justice Aarif Barma allowed the injunction to continue against the Chas, saying Tsai had an arguable case against them.
