Reported yesterday was the news that a source in the PM's Office said it was seeking to fine iTV for changing its prime-time programming without the office's consent.

Under the concession, the PM's Office is allowed to fine iTV 10 per cent of its revenue for each day of violation. This would total Bt76 billion, as iTV changed prime-time programming in 2004.

This is very fat number. And one that could bankrupt the company immediately, given that the company's total assets as of March were only Bt3.6 billion.

With a quarterly profit of some Bt100 million, it would take the company 760 quarters to pay the fines. That's equivalent to 190 years - a painfully long time for iTV owners to go without reaping any reward from their investment, with all the returns going to others.

If this verdict really comes through and if the company wants to be debt-free without having to file for bankruptcy protection, iTV desperately needs financial help from Temasek Holdings - the major shareholder of Shin Corp Plc, which owns 53 per cent of the TV channel.

There is something funny about the figures. The PM's Office reportedly seeks to fine iTV Bt76 billion. If you remember, Temasek paid the Shinawatra-Damapong families Bt73 billion for the 49.6-per-cent stake in Shin.

Many said that Temasek paid too high a price for the stake - more than 16 times higher than Shin's prospective earnings. But Temasek must believe to the contrary. It paid an additional Bt70 billion to acquire another 40-odd-per-cent stake of Shin. Certainly, Temasek must consider Shin a good investment.

The conglomerate is so extensive and a leader in many sectors. While Advanced

Info Service is the country's largest mobile-phone operator, for example, Thai AirAsia is now one of the most promising low-cost airlines in Southeast Asia.

Despite its huge pile of cash, will Temasek think similarly when it comes to the rescue of iTV?

We need to understand that compared to Shin, which last year earned Bt8.6 billion in net profit, iTV is just a small TV channel and its profitability is apparently stymied by government conditions.

Temasek will probably sit on its hands. Anyway, it doesn't own the entire TV station. The remaining 47 per cent of the company's shares are in the hands of many other investors out there. Poor iTV!

achara_d@nationgroup.com.