Asia Television (HKG:0707) said an independent board committee found strong evidence supporting allegations that executive director Liu Minbin made unauthorized senior appointments and conducted an unapproved roadshow, according to a Thursday bourse filing.

The investigation also linked Liu to an entity that appropriated the company's online content for profit.

Shares of the company gained over 5% in Friday morning trade.

Liu remains suspended from his duties and will face a shareholder vote on his removal, according to the filing.

Estimated losses from the content misuse are about HK$800,000, with no material adverse impact on the group.