TVB Rubbishes FB Post From Minority Shareholders Accusing The Broadcaster Of Making "7 Grave Mistakes"

Last week (Jan 30), a group of people who claimed to be long-time minority shareholders of TVB created a Facebook group called "Union of Minority Shareholders Of Major Broadcaster".

They issued a letter to TVB's board of directors, accusing the broadcaster of having made seven grave mistakes in the past eight years.

With regards to the matter, TVB refuted all the accusations that very afternoon, asserting that the claims were all baseless and untrue, and that they reserve the right to pursue legal action towards aforementioned Facebook group.

In the letter, TVB's management was condemned for previously causing the company to lose HK$1bil (S$167mil) after investing in SMI Holdings Group Limited's stocks. 

It was also mentioned that in 2021, when one of the minority shareholders raised a question about TVB's existing debts during a board meeting, the management simply brushed it off with: "Most of it is settled already" without offering any further explanations. 

The post also talked about the many losses the company suffered due to failed management and questioned its investments in online shopping platforms such as Ztore.

Unsurprisingly, the management was also criticised for not saving TVB's falling ratings, even after shows were repeatedly criticised by the audiences. 

The group explained that they initially wanted to give the new management a bigger grace period to resolve the existing problems, but could no longer endure after TVB's stocks reached a new low the past year.

The broadcaster was then asked to make an official response to the allegations by today (Feb 3).

According to TVB's statement, the broadcaster managed to maintain good results despite suffering from the consequences of Covid as well as the recurring social movements in Hong Kong.

TVB remains the channel with the biggest audience and consistently achieves a rating higher than 25 points for shows during prime time.

The broadcaster also said that they are committed to maintaining high standards of corporate governance and that they retain a transparent governance model with their board of directors and shareholders.

So what does TVB's general manager Eric Tsang, 69, have to say about the controversy?

When asked by the media on the set of TVB's new variety show Xiang Gang Fan Ju [Hong Kong Dinner] yesterday (Feb 2), Eric said: "The company has already responded so it's not convenient for me to talk about this while filming today. I think if there are further problems in the future, then I'll respond."

Photos: hk01