Hong Kong authorities freeze nearly HK$500 million in assets belonging to media tycoon Jimmy Lai
- Sources say assets include all 70 per cent of Lai’s shares in his Next Digital media firm and holdings in three other firms; total figure worth US$64 million
- While police chief has attacked Lai’s Apple Daily for ‘inciting hatred’, pro-establishment lawmakers say move will not affect press freedom
The government issued a statement on Friday night announcing that the secretary for security had ordered Lai’s shares in the Next Digital media company to be frozen, along with assets in the local bank accounts of three companies he owned.
The statement did not specify the amount involved, equal to US$64 million, or provide further details, but it noted that the security minister had the authority to take such action if there were “reasonable grounds” to suspect that people charged with national security offences held “offence-related property”.
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Assets of jailed media tycoon Jimmy Lai frozen under Hong Kong's national security law
Government sources told the Post that the frozen assets included all 70 per cent of Lai’s shares in Next Digital as well as his holdings in three other firms.
Based on Next Digital’s HK$490.3 million market capitalisation, Lai’s 70 per cent stake is worth HK$343 million.
National security police issued a letter to Next Digital, publisher of the Apple Daily tabloid, and its auditors informing them of the move, which came after the end of trading.
Next Digital shares closed 2.11 per cent, or 0.4 HK cents, lower at 19 HK cents.
