TVB Responds to Damaging Shareholder Allegations
Despite attempts to revitalize its broadcasting content, TVB continues to face criticism. TVB’s minority shareholders issued an open letter to the Board of Directors listing the seven big mistakes TVB had committed over the past eight years. TVB’s public relations quickly responded against the allegations.
Creating a social media group, minority shareholders accused TVB of misleading shareholders; mismanagement with year-after-year revenue losses, chaotic financial management, and high debt; conflict of interest; a continuous stream of artistes leaving the company and utilizing employees in the wrong manner. They requested TVB’s Board of Directors publicly respond by Friday, February 3 and stated, “If the suspected violations of laws and regulations are true, we strongly urge Thomas Hui (許濤) and Li Ruigang (黎瑞剛) to immediately resign from their positions at TVB and hold a shareholder meeting as soon as possible to elect an appropriate person to take charge.”
TVB immediately responded yesterday in a strongly worded statement, “In response to a letter addressed to the Board of Directors of TVB being circulated online lately, TVB hereby states that the allegations therein are groundless and lack clarity.”
Countering accusations of chaotic financial mismanagement, TVB cited COVID-19 as creating “immense challenges,” yet the station “maintained good performance.” The station pointed to maintaining its leadership in the Hong Kong market and growth through partnerships in China. “Our flagship TV channels remain Hong Kong’s most-watched by a large margin with prime time rating of over 25 TVRs, corresponding to a 77 percent share of viewership. In the first half of 2022, revenue from operations in China jumped 42 percent.”
The station emphasized it “leverages a transparent governance model with shareholders and stakeholders” and would pursue legal action if defamatory claims persist.
Source: [1]
This article is written by Kiki for JayneStars.com.
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