Channel C, a local media organization, has reported being unable to access its bank account and has proposed a refund procedure for its paying subscribers.
“As our firm’s financial accounts have been seized, we are currently attempting to engage with law enforcement and are hopeful that the accounts will be released,” stated the independent media outlet.
statement
Issued on Facebook late Tuesday, they stated, “Nonetheless, due to the timeframe involved, we won’t be able to sustain our regular operations in the near term.”
Channel C
halted its operations
At the end of last month, approximately one week following the arrest of at least one executive from the parent firm of the said media outlet, law enforcement stepped in.
over alleged fraud
.
The creditors now control its company, and thus, it requires their consent for any transactions, according to Channel C which posted this information on Facebook.
Paid members were instructed to send an email requesting a refund if they wished to do so. “We will liaise with the creditors and respond to your application after receiving approval.”
It was recommended that members think about whether they should renew their subscription.
A senior executive at Artview Media Production, which owns Channel C, was one of six individuals apprehended by law enforcement in mid-April. They were accused of purportedly swindling a governmental lending initiative out of a combined sum of HK$20 million.
The scam was connected to submissions for the Special 100% Loan Guarantee program.
scheme
initiated by the government in early 2020 to assist businesses during the Covid-19 pandemic.
In late April, a well-informed source informed HKFP that Channel C’s 29 editorial employees were due HK$660,000 in salaries, pension payments, and various additional costs, whereas the majority of these staffers had not received their Mandatory Provident Fund (MPF) contributions for the previous six months.
The Mandatory Provident Fund Scheme Authority stated that the establishment had fallen behind on pension payments amounting to HK$230,000. These unpaid contributions spanned from October of last year until March of this year, impacting 18 staff members.
Channel C was established in July 2021 by a handful of ex-Apple Daily staff members after the shutdown of the newspaper in Hong Kong.
pro-democracy newspaper
.
A digital media platform featuring YouTube, Facebook, and Instagram accounts, known as Channel C
said
In June 2023, it became apparent that making ends meet would be challenging.
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