Broadcasting Corporation of China (BCC) chairman Jaw Shao-kong (趙少康) yesterday promised that the company’s plan to set up an asset management firm will not compromise the quality of its radio service, adding that property acquired through his purchase of BCC did not benefit the company in the least.
“It [having an asset management firm] would not affect the interests of our listeners,” Jaw said. “Owning all this land does not make any difference to the company. The lawsuits and appeals filed over the land, however, have taken too much of our time. All I care about is producing good programs and raising our ratings.”
Jaw said owning all the property actually prevented the BCC from becoming a publicly traded firm on the stock market and on the over-the-counter (OTC) market, which he had promised the National Communications Commission (NCC) he would do when it reviewed the BCC’s application for a management change in 2007.
“We invited two securities traders to recommend us to the Financial Supervisory Commission, but they refused to do so,” he said. “Because of our ongoing property lawsuits with the Ministry of Transportation and Communications [MOTC], involving NT$1.48 billion [US$46.3 million], we were disqualified from trading on the stock and OTC markets for fear that the outcome of the lawsuits may cause drastic changes in capital.”
Jaw made the remarks at a hearing organized by NCC, which is set to rule on the BCC’s application to split its operations into a radio company and asset management firm.
The application was originally turned down by the NCC on Nov. 7. The BCC appealed the case to the Executive Yuan, which annulled the NCC ruling and asked it to review the case.
In response, the NCC organized the hearing and asked the BCC and MOTC — the two main stakeholders in the case — to attend the hearing.
Media experts, consumer rights advocates and representatives from media associations were invited to express their thoughts on the case.
NCC chairperson Su Herng (蘇蘅) did not attend.
Jaw, who said asset management was not his expertise, drew a mixed response at the hearing.
Lawyer Lucas Wang (王龍寬), representing the MOTC, said that if the lawsuits are concluded in the MOTC’s favor, it could claim the profits the BCC made over the years it illegally used property belonging to the MOTC. He asked if the BCC would have sufficient assets to compensate the MOTC if the company split its operations.
According to the NCC, the BCC originally had capital of NT$3.43 billion. The proposed split would reduce its capital to NT$3.18 billion. The radio service company, meanwhile, would have NT$250 million in capital once it transfers all its properties to the asset management firm.
The Broadcasting and Television Act (廣播電視法) requires operators with a national broadcast service license to hold a minimum of NT$200 million in capital.
BCC owns five national broadcast licenses.
Hung Chen-ling (洪貞玲), an associate professor at National Taiwan University, asked Jaw if he could provide data to prove that the split would increase the operational efficiency of the radio company.
Hung said many people have questions about his 2006 purchase of BCC, characterizing it as a “false transaction” because of a lack of information.
Jaw said that the radio company would sign contracts with the asset management firm so that it has priority use of the land on which the BCC has installed its equipment to ensure that the radio service continues.
The company could also raise capital, and it still aims to become a publicly traded firm, he said.
“If we lose the lawsuits with the MOTC, we will return the land,” Jaw said. “The MOTC is entitled to make a claim on the asset management firm.”
BCC has a total asset value of NT$880 million, in addition to capital of NT$250 million. It is financially capable of sustaining its operations, he said.
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