On May 6, we published a story with the above title.
Our story asserted that 100 staff members of the Multimedia Group Limited had been penciled to be relieved of their post by the end of May 2020.
The number 100 that we put out was unverified and turned out to be inaccurate as less than 10 people were terminated by the company.
Also, the reason we assigned for the alleged terminations - that Multimedia had experienced financial challenges which caused delays in paying salaries, a situation we said got worse with COVID-19 - was also unverified, and untrue.
In writing our story, we relied on unofficial sources and failed to seek an official reaction from the management Multimedia that could have provided clarity on these issues and helped us to present a more accurate picture of events. This was a mistake.
We, therefore, retract our story and apologise unreservedly to the Multimedia Group Limited. We regret any damage to the business and reputation of the company, and undertake never to repeat them.