Two accountants appointed to board of troubled Hong Kong broadcaster ATV
Managers set to sell part of majority stake, which should favour Taiwanese shareholder
Two senior accountants from one of the big four accounting firms - one specialised in company restructuring and liquidation - have been appointed as managers of Asia Television (ATV).
They are Derek Lai, southern region managing partner of Deloitte China, and Darach Haughey, principal in charge of restructuring services at the same firm.
Details of the appointments will be announced today, but there are doubts about whether the appointees will be able to ensure that outstanding salaries are paid to employees.
ATV still owes more than 700 staff their November wages amounting to HK$15 million. The station's news team has threatened to stop working if ATV fails to pay them by December 31, putting the broadcaster at risk of breaching its licensing conditions, under which it must provide a news service.
The appointments follow a court ruling over the beleaguered free-to-air TV station earlier this month. The judge concluded that major investor Wong Ching had been interfering with the station's operations and had therefore jeopardised its future.
The court ruled in favour of ATV shareholder Antenna Investment's application to have two independent supervisors appointed to ATV's board of directors.