Sony gets court order to wind up ABN
KUALA LUMPUR: Sony (M) Sdn Bhd has obtained a court order to liquidate Asian Broadcasting Network (M) Sdn Bhd (ABN).
Obtained earlier this month, the court order gives way to wind up ABN which marketed itself as a serious rival to Astro in the paid-TV sector, four years ago.
Appearing for Sony, lawyer Alwin Raja Suria told a local online news portal that a private liquidator had been appointed to sell ABN’s properties to pay its creditors.
“My client started the windingup petition in January last year as ABN was unable to settle debts amounting to RM7 million for the supply of broadcasting equipment.”
It was estimated that ABN had a debt of RM400 million with RM200 million owing to Bank Pembangunan Bhd.
The rest of the debt was divided among 100 creditors.
Alwin said ABN had obtained several stay orders from the High Court, stating that it had investors coming in from China.
However, none of that materialised and as such the court wound up ABN on May 8.