May 17, 2021 09:48:19 am
Hong Kong’s Security Bureau announced Friday that it had frozen assets belonging to pro-democracy media tycoon Jimmy Lai Chee-ying. This was the first time that authorities used the seizure powers granted to them under the new national security law.
Lai was arrested under national security law in August when authorities raided his newspaper’s headquarters. In April, he and two other pro-democracy activists were found guilty and sentenced for unauthorized assembly during the 2019 protests in Hong Kong. Lai was found guilty in two separate trials for unauthorized assembly.
On Friday, Hong Kong’s Security Bureau announced that, under the seizure powers granted to the bureau under the new national security law, it had frozen Lai’s assets. This reportedly includes USD $64 million worth of assets, including Lai’s total shares in his Next Digital media firm, as well as some of his shares in three other organizations.
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Taiwan has raised concern about the survival of international businesses in Hong Kong a day after authorities announced plans to freeze all assets of media tycoon and pro-democracy activist, Jimmy Lai.
The freezing of Lai’s assets sends a message that risks for international businesses in Hong Kong has increased alarmingly, Taiwan warned, and it "highlights the National Security Law's threats".
Taiwan says HK tycoon asset freeze a warning to global investors Reuters 1 hr ago
TAIPEI, May 15 (Reuters) - Taiwan warned on Saturday that Hong Kong s decision to freeze assets belonging to jailed media tycoon Jimmy Lai was a sign to the international community that doing business in the Chinese-controlled city was becoming increasingly risky.
The asset freeze, announced on Friday, includes all shares in his company, Next Digital - the first time a listed firm has been target by national security laws in the financial hub.
Shortly before the announcement, the Taiwan arm of Lai s popular Apple Daily said it would stop publishing its print version, blaming declining advertising revenue and more difficult business conditions in Hong Kong linked to politics.
Taiwan on Saturday warned that risks for businesses have increased in Hong Kong after authorities in the international finance hub used asset freezing powers under Beijing's new national security law for the first time. The warning came in response to Hong Kong freezing billionaire pro-democracy tycoon Jimmy Lai's assets, including shares in his media publications, for allegedly breaching the security law. Taiwan's Mainland Affairs Council said.