Sony gets court or­der to wind up ABN

New Straits Times - - News -

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.

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