In May this year, the Security Bureau quoted the "Hong Kong National Security Law" to freeze the shares of Next Media held by Li Zhiying.
Li Zhiying filed a petition and asked the court to order him to exercise the company's voting rights.
During the trial in the High Court today (15th), the lawyer representing Li revealed that in response to recent developments, the voting rights now requested are exercised during the company's liquidation.
After hearing the submissions, the judge postponed to issue a ruling this Friday (17th).
The plaintiff is Li Zhiying and the defendant is the Secretary of the Security Bureau.
Allegations do not involve voting rights in stocks
The lawyer representing Li pointed out that the relevant provisions on the freezing of property in the implementation rules of Article 43 of the National Security Law refer to the provisions on the freezing of property in the United Nations (Anti-Terrorism Measures) Regulations, and the latter’s "deal with" "Properties, list five categories, including "receiving or obtaining the property", "hiding or disguising the property", etc., but it does not involve the exercise of voting rights in the company's stocks.
Lei therefore believes that Article 43 of the National Security Law does not prohibit the exercise of voting rights.
The lawyer also alleged that Li Zhiying was accused of colluding with foreign powers and being the mastermind in the case, but the accusation has nothing to do with his holding of company stocks and voting rights.
If a company or director engages in illegal activities, it is not due to voting rights.
The government believes that there is still a certain risk
The lawyer representing the bureau said that if Li uses voting rights to instruct others to control the company, or financially subsidize others to engage in acts that endanger national security, he believes that there are still certain risks, and emphasized that if Li has the right to vote, there will be problems. Loopholes, I think the focus is not limited to Lebanon's past behavior, but also needs to consider the future situation.
Want to exercise voting rights when winding up
Lai’s lawyer responded that in response to recent changes in circumstances, the voting rights currently required by Lai will only be exercised when the company is in liquidation.
Case number: HCMP 956/2021
The Security Bureau denied that the freezing of funds caused the suspension of Apple’s publication and reprimanded the former director to confuse the public and discredit the National Security Act Li Yuxuan | Li Zhiying prepared 5 million for the international line prepaid funds and the intermediary communicated instructions to Li Zhiying’s former assistant Ji unfreezes one media’s funds to pay Liang Zhenying It is ironic that Li Zhiying works carefully without food and asks for permission to exercise the voting rights of Next Media. The case is scheduled for trial on September 15
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