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August 14, 2024
The Witness: Apple Daily Limited faces a petition for liquidation; the case is postponed until November for further hearing, with the court granting the petitioner an extension to submit affidavits.
2024.08.14
Next Digital founder Jimmy Lai and three companies related to Apple Daily are being charged with “conspiracy to collude with foreign forces,” and the case is ongoing. In December 2021, Next Digital Limited was officially ordered by the High Court to liquidate, and its subsidiary “Apple Daily Limited” was petitioned by two creditors for liquidation.
The case was handled in the High Court on Wednesday (14th) without representation from the defendants. The petitioners applied to the court to extend the deadline and submitted two affidavits, which were approved by court master Jack Wong Kin-tong. According to the Judiciary’s website, the case is scheduled for a further hearing on November 6 this year.
The company petitioned for liquidation belongs to Next Digital. The petitioners are Chan Hon-wing and Yeung Yu-ching, who are requesting a liquidation order for “Apple Daily Limited.” It was earlier revealed that the Employees Compensation Assistance Fund Board has intervened, involving HK$49 million and approximately 580 employees. It has been confirmed that “Apple Daily Limited” has the potential to repay, but it will take time to process.
In 2020, Next Digital founder Jimmy Lai was charged with fraud and “colluding with foreign forces” under the National Security Law. In June 2021, Cheung Kim-hung, Chan Pui-man, and other senior executives of Next Digital and Apple Daily were arrested, and assets of three associated Apple companies were frozen by the Security Bureau. On June 24, Apple Daily ceased publication and Next Digital suspended trading that same month.
Next Digital Group announced on July 1, 2021, that it would cease operations. The Financial Secretary, Paul Chan Mo-po, appointed examiners in the same month to investigate the group’s business. Based on the interim report of the examiners in September, a petition for winding up Next Digital Limited was filed at the High Court under the Companies Ordinance. In December 2021, the High Court ordered the liquidation of Next Digital without opposition.