On the morning of February 21, LeTV Hong Kong Limited was hit by a number of advertising and service companies for debt recovery since 2016, with an aggregate outstanding debt of more than HK $ 70 million. It applied for liquidation to the High Court of Justice by the end of last year. This morning, the High Court Master Li formally issued a winding-up order, while LeTV Sports (Hong Kong), which operates in Hong Kong, means that the Company is not affected by the case and is currently operating normally because LeTV Hong Kong and LeTV Sports are not part of the LeTV Listing System.
LeTV, which has dismissed all employees, did not send a hearing to the court today. It is learned that the costs for applying for liquidation will be borne by LeTV in Hong Kong.
Leh Hong Kong appealed to the court for liquidation in mid-December last December and formally laid off all employees on January 8 this year. It is learned that the company did not make any severance payment on the ground of liquidation and required these employees to apply for the Protection of Wages on Insolvency Fund. At present, several staff members have sought help from the Labor Department and about 30 million Hong Kong dollars in severance payment and remuneration allegedly owed.
LeTV set up its Asia Pacific headquarters in Hong Kong in 2014 and established LeTV Hong Kong on June 9, 2015. It also partnered with local telecom companies and retailers in Hong Kong to promote LeTV, LeTV boxes, mobile phones and online video-on-demand services, etc. From 2016 Since the third quarter, LeTVh Hong Kong has been exposed to several defaults. Records show that LeTV was pursued by the courts over the past year by several companies, including local newspapers in recovering advertising costs, film and television companies recovering copyright fees and marketing, information technology services Business recovery service fees, it is estimated that the total amount of more than 70 million Hong Kong dollars.
LeTV Sports repeatedly issued a statement clarifying that LeTV Corporation, which is applying for liquidation, is two separate and independent companies and liquidation has no impact on the Company's business. LeTV Sports Hong Kong will continue to provide sports events including the right to broadcast Premier League football to 2019 League, and NBA basketball tournament.
However, from 2016-2017, Music Sports also suffered over $ 20 million from advertising costs of at least five companies and information technology services.
Both LeTV Hong Kong and LeTV Sports (Hong Kong) are headquartered at the headquarters of Jorda Global Center in Tsuen Wan. Currently, Le Shi Sports (LeTV Sports) are still operating on the 33rd and 35th floors, while the Le Hapi Hong Kong office can no longer be reached on the 36th floor. Leh Hong Kong director Jun Jun and company secretary Hong Kong Thousands of Shun Accounting Services Limited resigned in June last year, in September last year, Le Shih Hong Kong owed rent due to the landlord filed in the Land Tribunal, asked to recover the office, and later part of the work Staff worked in Mong Kok and other offices.Let's Hong Kong FACEBOOK home page since September last year, has not released any new content, music box and TV are no longer broadcast, the company's customer service and sales hotline has been stopped, the hotline has been unable to connect .
According to the 2017 Mid-Term Report of LeTV, neither LeTV Hong Kong nor LeTV Sports are listed as subsidiaries of the listed company but rather as "other related parties."