Financial Problems
Sing Pao experienced a change of ownership in 2000 due to a decline in sales. In 2000, the StarEastNet Limited (東魅網) and China Strategic Holdings Limited (中策集團) bought Sing Pao and announced that the reporting style would remain the same, but the main focus would shift to entertainment news and advertisements in order to satisfy public interest. Furthermore, Chief Executive Officer Ng-Ching has been targeting the Chinese market to properly expand its service as an advertisement agent. But the date to initiate the circulation of Sing Pao is unknown at this time.
However, in 2002, there was another change of ownership. Sun Media (陽光文化媒體集團) bought Sing Pao Media Group (including Sing Pao) for 1 billion (??). The company promised that they would re-structure the organization of Sing Pao and targeted the reduction of its loss in recent years until a balanced budget was reached.
The newspaper was under financial troubles again in early 2006, during which it was unable to pay the salaries of various employees on time. Eventually, in May 2004, 23 of its reporters—led by Kwok Yin-Ling (?) (郭燕玲), the assistant chief editor—took sick leave together as a measure/protest against the management. However, no agreement could be reached and the reporters resigned in the end. Some top-level executives (and board members?) have resigned after this incident. As of June 2006, at least 60 employees have left Sing Pao, the Mandatory Provident Fund Schemes Authority is suing Sing Pao because of all the MPF Sing Pao hasn't paid, and the Labour Department is suing Sing Pao because of the unpaid wages.
The Labour Departnebt won and on 3 January 2007, Sing Pao was fined HK$4200. The media and the head of the Labour Department criticized the punishment as being too light. In face of the criticisms, the magistrate reopened the case on his own initiative the next day, as authorized by law (Chapter 227, Section 104(5)). With the Magistrates' Courts, there is no functus officio; the magistrate can reopen his own case within 14 days. This led to other people criticizing the magistrate's decision to reopen, saying it gives the impression of popular and executive interference in the judiciary.
Read more about this topic: Sing Pao Daily News
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