Jimmy Lai: Hong Kong authorities freeze media entrepreneur's assets

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Imprisoned media entrepreneur Jimmy Lai

Photo: ANTHONY WALLACE / AFP

The China-critical media entrepreneur Jimmy Lai can no longer dispose of his fortune.

The Hong Kong authorities have frozen Lai's shares in his media group Next Digital as well as the balances in local bank accounts of three of his companies, the security bureau said.

It was established by China in Hong Kong in 2020.

The reason for the measure is a violation of the so-called national security law.

"Bussines as usual" at "Apple Daily" wrote the newspaper from Lai's media empire on Friday that work should continue as normal.

The Taiwan edition of "Apple Daily", however, will no longer appear as a printed edition from next week.

The newspaper had announced that that morning.

To blame are falling advertising revenues and the difficult situation in Hong Kong.

Lai sentenced to 14 months in prison

Billionaire Lai has long been an enemy of the Beijing government for his support for democracy activists in the Hong Kong Special Administrative Region.

The 73-year-old had repeatedly used his media empire to support the democracy movement and its mass protests in 2019.

Last year, Lai was arrested and charged under the Security Act for promoting foreign sanctions against Hong Kong and China.

He was sentenced to 14 months in prison last month for organizing and participating in the mass protests.

There were months of mass protests in Hong Kong in 2019 against Beijing's growing influence.

In response, the Chinese leadership passed the controversial security law last year.

It allows the authorities in Hong Kong to crack down on all activities that they believe threaten China's national security - the law gives them enough leeway to take action against any initiatives that are critical of the government.

Anyone who is convicted on the basis of the law can be punished with life imprisonment.

slü / AFP / AP