How Li announced his decision
I have earlier today informed the chief executive of my decision to resign from the Executive Council with immediate effect.
As I stated on [Friday], I chose to enter into a settlement agreement with the US Securities and Exchange Commission (SEC) in the interests of my family, my business and my public responsibilities. Nevertheless, the public discussion following my decision is now becoming an increasing distraction to the chief executive and the Executive Council. Under the agreement with the SEC, I am not permitted to comment upon the allegations made against me. As a result, I am not in a position to respond to the questions that have been raised by concerned members of the public and the media. This has unavoidably brought pressure to the chief executive and the Executive Council. It would be highly unfair to the chief executive and my fellow Executive Councillors for me to allow the current situation to continue. I have therefore made the very difficult decision to resign.
Hong Kong is my home. I have devoted myself to the community and to charitable work throughout my life. It has been a great privilege to serve the people of Hong Kong as a member of the Executive Council for the past 2 1/2 years. My first priority has always been to Hong Kong. I firmly believe that my resignation is the correct and responsible course of action.
I very much appreciate the strong support that I have received from the board of directors of the Bank of East Asia for my decision to enter into a settlement agreement with the SEC. I will continue to devote myself to my family and my business. Furthermore, I will continue to fulfil my duties as a member of the Legislative Council to the best of my ability, and to carry out my many commitments to charitable and other public causes.