Political situation
Written by: Zhou Lixi
2021-05-17 12:11
Last update date: 2021-05-17 12:12
The Security Bureau recently cited the "Hong Kong National Security Act" to freeze 70% of Next Media's founder Li Zhiying's shares in Next Media (00282) and the properties of three companies. Next Media was suspended this morning (17th).
Senior Counsel, Tang Jiahua, said that the procedures for freezing property by applying the National Security Law are the same as other laws. If there is any unreasonable behavior, you can apply to the court for unfreezing.
Tang Jiahua also pointed out that in the past, the police did not need to apply to the court for the procedures for freezing property. Banks would naturally freeze relevant accounts when requested by the police.
He pointed out that if the frozen party believes that the Secretary for Security has no reasonable grounds, he can challenge it to the court, laughing and saying that he is providing free legal advice to Li Zhiying.
Next Media said that the operation and financial finance of the Group and Apple Daily will not be affected.
(Photo by Yu Ruijing)
Tang Jiahua pointed out in the Hong Kong and Taiwan program that in addition to the National Security Act, other criminal offences related funds can generally be frozen, and the National Security Act only empowers the Secretary of Security to exercise the freeze of property related to crimes related to the National Security Act.
He alleged that Li Zhiying was accused of colluding with foreign forces. If there is relevant money, he may be frozen, but it is not expected to affect the operation of Apple Daily.
When asked whether the "Apple Daily" will have operational problems due to the loss of Li Zhiying’s capital for turnover, Tang Jiahua believes that if the "Apple Daily" relies on Li’s cash turnover, difficulties may arise in the short term, but the company can still apply to the bank or Other shareholder borrowings.
He even inferred that the opportunity to suspend trading this morning was to implement related capital transfers.
Is Next Media required to suspend trading?
Zhang Huafeng: The stock price may suddenly change into "waste paper" and an announcement must be made as soon as possible
Next Media (0282) suspension of trading pending publication of news that Li Zhiying’s assets and holdings have been frozen
Security Bureau freezes Li Zhiying's shares in One Media Zhang Jianhong: Apple Daily and group operations will not be affected
The Security Bureau quotes the National Security Act to freeze the shares of Li Zhiying One Media and the properties in the bank accounts of three companies
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Li Zhiying One Media Hong Kong Version National Security Law Security Bureau Li Jiachao Tang Jiahua
