We Need The Full HK$5.4bn Bailout, Says Ocean Park

The vice-chairman of Ocean Park, Lau Ming-wai, on Thursday dismissed a suggestion by lawmakers that the park only be given some of the bailout funds it is seeking, saying the full HK$5.4 billion is needed.

Ocean Park says it could run out of money by next month and the taxpayer funds would enable it to stay afloat for another year.

But a number of lawmakers from across the political divide have said they are not inclined to approve the full funding plan, suggesting smaller sums of money instead, to allow the park to operate for another six months, for example, or just to take care of its animals.

But Lau said partial funding is simply not a viable option.

"In the HK$5.4 billion, about HK$1.1 billion is for operational expenses. The reason why funding only that part doesn't work is because we have creditors, be they banks, be they sponsors, be they suppliers, be they employees, people who we owe money to," he said.

"It only takes one of them, whether we owe them HK$10 or HK$10 million or HK$1 billion, it only takes one of them to sue us to proceed with liquidation proceedings and then there will be no conservation, there will be nothing."

Lau said the rationale behind the HK$5.4 billion is to avoid such an outcome.

"So the idea of partial funding on the surface sounds great, but it doesn't work and would only result in the park's liquidation."

Earlier this week, Ocean Park's CEO Matthias Li said that they couldn't ensure the well-being of the 7,000 animals in the park if it were to close.