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According to the letters seen by Bloomberg News, bankers at HSBC and Citibank ignoring the order will be “charged with a fine and seven years in prison.”
The Hong Kong authorities have sent a letter threatening the bankers of media mogul Li Zhiying that if they deal with any of his accounts in the city, they will face up to seven years in prison.
Security Minister John Lee, who signed the letter seen by Bloomberg News, previously announced that he would freeze bank accounts related to the publisher of the Hong Kong democratic “Apple Daily” in accordance with Hong Kong’s fully implemented national security law. These letters were sent to HSBC Holdings plc and Citigroup earlier this month.
The letter stated that bankers who disregarded the order would be “charged with a fine and seven years in prison.”
“I am exercising power because Lai has been charged with two counts of colluding with other countries or external forces to endanger national security,” Li said at a media conference on Thursday. “It is my responsibility to specify in the notice to the parties concerned what the consequences will be if they do not follow my instructions.”
A Citigroup spokesperson said in an email that it does not comment on personal accounts and is required to comply with all applicable laws and regulations in the markets in which it operates. A spokesperson for HSBC declined to comment.
As Beijing tightens control of the city, these letters may further scare investors in the Asian financial center. More than 40% of the members surveyed by the local American Chamber of Commerce stated that they may leave Hong Kong, which highlights the business community’s concerns about security laws and the government’s strict policies related to Covid-19.
Lai is a well-known democracy activist who used his Next Digital Ltd. media assets to support protests against China in 2019 and is currently in jail for participating in an unauthorized rally in Hong Kong. According to the security law, he also faces more serious charges, including “collusion” with foreign forces.
According to Reuters, one of Lai’s financial advisers stated that the amounts in these accounts were relatively small, but represented one end of the international banking network related to his private wealth in Hong Kong. The company earlier reported the letters The presence.
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