The troubled odyssey of Asia Television has taken another turn with an application to have the broadcaster's affairs wound up.
Norwares Overseas, a company based in the British Virgin Islands, filed the application in court on Tuesday to have the free-to-air broadcaster liquidated. Norwares is a shareholder in snack giant Want Want China Holdings, of which ATV shareholder Tsai Eng-meng is chairman.
Court documents said Norwares was wholly owned by Tsai, a Taiwanese tycoon. ATV has been in the spotlight in recent months, in court fights involving Tsai and a government investigation after the broadcaster mistakenly reported in July that former president Jiang Zemin had died.
Tsai's representatives could not be reached yesterday for an explanation of the winding-up application.
In its response ATV referred to convertible bonds which Tsai had sought to stop ATV from issuing by applying for an injunction. It said this was the basis for applying for the winding up order.
Tsai and ATV have been at loggerheads over the issue for more than a year. Tsai's company, San Want Media Holdings, filed a lawsuit last year alleging that ATV shareholders Payson Cha Mou-sing and his brother Johnson Cha Mou-daid had breached certain fiduciary duties.