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National security law: Jimmy Lai’s Hong Kong bankers warned that handling assets could land them in jail

  • Security minister John Lee says he is only following the law by informing banks about risks of dealing with the frozen assets
  • Lai, the controlling shareholder of Next Digital that publishes Apple Daily, is being investigated under the national security law

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Next Digital suspended the trading of its shares in mid-May after security officials targeted its controlling shareholder. Photo: David Wong
Hong Kong’s security chief has warned bankers for jailed media tycoon Jimmy Lai Chee-ying that dealing with his frozen accounts could land them in prison for up to seven years.
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When asked whether his move would undermine the reputation of the city as a global financial hub, John Lee Ka-chiu said on Thursday he was following the national security law laid down by Beijing last summer that banned acts of subversion, secession, terrorism and collusion with foreign forces.

“I am exercising the power because Lai has been charged with two offences of collusion with other countries or external forces to endanger national security,” he said. “It is my duty to specify in my notice to the relevant parties what will be the consequences if they fail to comply with my direction.”

Media mogul Jimmy Lai has been charged under the national security law. Photo: Sam Tsang
Media mogul Jimmy Lai has been charged under the national security law. Photo: Sam Tsang

The Security Bureau froze nearly HK$500 million (US$64 million) of Lai’s assets earlier this month, including his 71 per cent stake in Next Digital, which publishes the Apple Daily tabloid, as well as the local bank accounts of three other companies he owns.

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The move marked the first time authorities had invoked new powers to freeze or take control of assets of a listed company that could be related to the commission of a national security crime.

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