Feuding DBC parties call truce
Boardroom wrangle is over after warring shareholders sign a buyout deal, court told
A shareholders' dispute over Digital Broadcasting Corporation has ended after the two feuding shareholders reached an out-of-court settlement.
The revelation came as lawyers for Cheng, the station president, and Wong applied in court to drop four court cases that go back as far as August last year.
Cheng told the media earlier this month that Wong had agreed to buy out the shares owned by him, station chief executive Morris Ho Kwok-fai and Ronald Arculli for HK$160 million.
Cheng was also reported to have said Wong had agreed to inject HK$50 million into the station and continue to employ all the existing staff.
The Apple Daily earlier cited Cheng as saying he would not become a consultant for DBC and that he would not agree to stop speaking on air in exchange for the buyout. Cheng could not be reached for comment yesterday.