Troubled broadcaster ATV receives ‘several proposals’ for stake in cash-strapped station

The managers of ATV and representatives from Deloitte China confirmed yesterday that the cash-strapped broadcaster had received "several" proposals to buy a 10.75 per cent stake in the TV station.

But labour minister Matthew Cheung warned that finding a "white knight" did not mean ATV could further delay payment of staff salaries.

ATV still owes its staff salaries for last month. Last week, the station's largest shareholder, Wong Ben-koon, reportedly lent employees money instead of paying them salaries.

"There is no way to delay the payment of December salaries any more," Cheung said yesterday. "Even if [ATV] has found a new buyer, it still has to pay staff salaries. We cannot tolerate any employer without conscience."

The troubled broadcaster had until 5pm yesterday to find a buyer for a stake owned by its major shareholder.

The tender was initiated after a court last month assigned two accountants from Deloitte as ATV managers and tasked them with selling a 10.75 per cent stake held by Wong Ben-koon, who is a relative of major investor Wong Ching.

Wong Ching controls 52 per cent of ATV through Wong Ben-koon, but the court ruled that the mainland businessman had interfered with the running of the station and had jeopardised its future.