Financial institution, Diamond Bank has taken a drastic step against one of it's debtor.
Sale of assets to recoup debt that is.
Here are the details.
The much hyped satellite TV station, NetworkNews24 (NN24), has since shut
down operations barely two years after it was launched with much
fanfare. The company’s head office at Oregun, Ikeja, Lagos, has been
locked while Mr. Tony Dara, the man said to be fronting for the real
owner, former Defence Minister T.Y Danjuma, has since disappeared from
the scene.
To compound the woes of the media outfit, Diamond Bank Plc to which the
company is heavily indebted, has reportedly commenced sale of the TV
stations assets to recoup the huge debt the stations owes the bank
The satellite television was established to rub shoulders with CNN and
provide contents that were original, but the idea was truncated by
mismanagement. Trouble started when the hour of transmission was reduced
to save cost, the station debuted as a 24-hour station on DSTv as 24
hour news channel but cut down transmission to 13 hours in just about a
year of operation.
At that time staffs were being owed backlog of salaries. Some of the
aggrieved staffs dragged the management to court and pressed charges to
get their salary arrears, nothing was heard of the case till today as
the CEO Tony Dara has since disappeared to UK
No comments:
Post a Comment