Next Digital, the Hong Kong media group, announced on Sunday that it is liquidating its assets and the board is stepping down.
Apple Daily, the parent company of a pro-democracy newspaper in Hong Kong, said in a statement that recent crackdowns on the press in Hong Kong had left it with no way to operate and that its board of directors had resigned.
“This meant the Company could no longer legally pay Apple Daily’s staff, including reporters, and the Company was also banned from paying costs of doing business such as buying ink and keeping the electricity on,” the board said.
In June, Apple Daily was forced to close by authorities following the arrests of five of its editors and executives in connection with a national security investigation.
The four board members who will resign are Chairman Ip Yut Kin, Mark Lambert Clifford, Louis Gordon Crovitz, and Lam Chung Yan. Their resignations will be effective by 11:59 p.m. local time Sunday.
Jimmy Lai, a tycoon and pro-democracy activist founded Next Digital. In Taiwan, the company publishes a magazine and an Apple Daily.
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