LOS ANGELES: The Weinstein Company will file for bankruptcy, US media reported on Sunday, after prosecutors sought to impose conditions on a sale of the firm co-founded by disgraced Hollywood mogul Harvey Weinstein. The group was poised to close the deal to buy The Weinstein Company for a reported US$500 million, until New York state attorney general Eric Schneiderman sued the Weinstein firm on Feb 11. Schneiderman took legal action against Weinstein, his brother and their firm out of fear that the company's imminent sale could leave victims without adequate redress. Since the scandal flared, dozens of civil suits have been brought against Weinstein and the company, mostly by women who accuse him of sexual misconduct. Weinstein is reportedly in treatment for sex addiction and is under investigation by British and US police, although he has not been charged with any crime.

Source: New Strait Times February 26, 2018 12:11 UTC