Reuters reported on Thursday (27) that after the Hong Kong government announced that it was freezing the assets of Next Media founder Lai Chi-ying by invoking the National Security Law, Hong Kong’s Secretary for Security Lee Ka-chiu sent a letter warning at least two banks, including HSBC and Citibank, that handling the transactions involved in Lai’s account could result in seven years in prison. The Reuters news agency confirmed that it had read the letter.
The report said that the imprisoned Lai Chi-ying and HSBC, Citibank, have received a letter signed by Lee Ka-chiu, said that if the handling of the specified property, including mortgage and transfer to Hong Kong and abroad, etc., can be sentenced to a maximum of seven years in prison and a fine, but did not specify the amount of the fine. The letter mentions seven Hong Kong accounts under the jurisdiction of Lai Chi-ying and the British Virgin Islands registered companies.
The report also cited senior bankers and corporate lawyers, that the incident means that the mechanism of the National Security Law, for the first time extended to the elite class within the Hong Kong banking system, highlighting the risk posed by the National Security Law to customers and financial managers in Hong Kong.
In response to Reuters’ inquiry, Hong Kong Security Bureau said that the legal proceedings of the case are ongoing and it is not appropriate to disclose the details of the operation.
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