Hong Kong court allows controlling stake in ATV to be sold to mainland investor
Former boss Wong Ching sells shares to Si Rongbin’s Star Platinum, after other parties withdraw objections to deal
The High Court on Friday allowed the controlling stake in defunct broadcaster Asia Television to be formally sold to a mainland investor, who claimed he had a rescue plan for the troubled firm.
ATV’s former boss Wong Ching, who had filed a petition to wind up the company to recoup his losses, agreed to sell shares under his control to Si Rongbin’s Star Platinum.
But the deal was earlier blocked by ATV’s other creditors, including listed company China Trends, who feared that their interests would be jeopardised.
On Friday, High Court judge Mr Justice Jonathan Harris validated the transaction after hearing that the parties would no longer object to the share transfer and that the dues for the shares had been paid by Si.
