ONE of the majority shareholders in Hong Kong-based Asia Television Ltd has applied for the TV station to be made bankrupt at the Hong Kong High Court on Wednesday, according to a news report.

Taiwan billionaire Tsai Eng Ming's subsidiary, Norwares Overseas Inc, which is ATV's second largest shareholder, has filed a petition to wind up the free-to-air broadcaster concerning convertible bonds worth HK$23 million (US$2.96 million).

Tsai said Norwares Overseas paid the money in 2009 to ATV in exchange for the convertible bonds but failed to receive them. He claimed he has not received any financial statements from ATV and was therefore forced to file to liquidate ATV, Hong Kong newspaper, the Standard, reported yesterday.

ATV disclosed in a statement yesterday that Tsai has asked the court in 2009 to prohibit the issuing of the convertible bonds. He is now filing for bankruptcy so that he may get his HK$23 million back, ATV said. The TV station said it agreed to pay him back the money.