However, it is certain that iTV shareholders will lose their shirts. The stock was suspended from trading, closing at 94 satang on Monday. Yesterday, it rebounded 11 per cent to Bt1.05 on expectations that the government would allow iTV to continue to operate. However, stock exchange authorities halted trading in the stock again on the grounds that its broadcast licence might be revoked.

The story does not end there. The PM's Office, which issued iTV's broadcasting licence, is likely to pursue the matter in through the Bankruptcy Court to try to reclaim the Bt100 billion owing from ITV. If this occurs, the Bankruptcy Court would then appoint a planner to oversee iTV's rehabilitation. iTV incurred heavy fines and fees because it breached its broadcast contract with the PM's Office. Among other infractions, iTV added more entertainment or commercial airtime and reduced its proportion of news programmes. The station made these changes during the previous Thaksin government, which was very keen to revise the laws and regulations in order to boost the value of Shin Corp, which the Shinawatra family owned at the time.

iTV's fate was predetermined. Even prior to the September 19 military coup, there was a general understanding that the Thai government would not tolerate a foreign company exerting control over iTV. Shin Corp, the majority of which is now owned by Singapore's Temasek Holdings, controls a 52.9 per cent stake in iTV.

Foreign ownership of broadcast media comes under restriction in most countries. A foreign company cannot just go into Singapore, China or Australia to buy a broadcast company.

It will be interesting to watch further developments related to Shin Satellite Plc. General Sonthi Boonyaratglin, Army chief and head of the Council for National Security, has said that Thai agencies should buy back Shin Satellite, which is also part of Shin Corp.

Thai authorities have agreed that both Shin Corp's television and satellite businesses have national security implications and should not be allowed to fall into foreign hands. However, they appear to regard the case of mobile-phone operator Advanced Info Service, also controlled by Shin Corp, as less politically sensitive.

In regards to iTV, the government must not make another mistake. iTV was founded in the early 1990s as an independent broadcasting station in the aftermath of the May 1992 tragedy when the Army shot protesters in the street. The broadcast media, all under state control, failed badly to report the truth of the event to the public. A campaign for an independently run TV station came afterward, eventually giving rise to iTV. However, the PM's Office made a mistake by attaching a heavy price tag to the concession for iTV. A Siam Commercial Bank-led group successfully bid for iTV, but soon it was difficult to churn up enough revenue to pay the concession fee.

After Thailand was hit by the 1997 financial crisis, iTV, like most companies, faced heavy losses. The Siam Commercial Bank-led group sought to divest its interest in iTV. Enter Shin Corp. Thaksin Shinawatra, seeking to build up his political career, bought control of the station, and its independence was compromised ever after. With the removal of Thaksin from office, iTV's future was plunged into uncertainty. It is now time for the authorities to rethink iTV's role or its future. The best path is to go back to the original spirit that gave birth to iTV. The big challenge is how the station can maintain its independence and produce quality programmes while being able to stand on up financially. A broader debate is needed on the future of iTV.