Freezing Jimmy Lai’s assets undermines the rule of law and vandalises Hong Kong’s status as an international finance centre

Today, the Hong Kong Government has frozen the financial assets of Jimmy Lai, the pro-democracy activist and owner of Apple Daily.

Hong Kong’s Security Minister, John Lee, evoked Article 43 of the National Security Law which gives the Hong Kong Security Bureau and Beijing the power to freeze the assets of any individual or company within the city.

It is reported that the assets frozen involve a minimum of HK$300 million ($39 million), shares in Next Digital, and the property in three local bank accounts of three companies owned by Jimmy Lai.

Jimmy Lai is currently in jail awaiting trial, having been charged with ‘collusion with foreign political forces’ under the National Security Law. If convicted he faces between ten years to life in prison under the draconian law.

Commenting on the freezing of Jimmy Lai’s assets, Benedict Rogers, Hong Kong Watch’s Chief Executive said:

“Jimmy Lai currently languishes in jail for the ‘crime’ of criticising the Chinese Communist Party and campaigning for democracy.

Beijing’s decision to freeze his assets with the stroke of a pen and without due process under the National Security Law is an abuse of power. This decision undermines the rule of law and vandalises Hong Kong’s status as an international financial centre.

After today, nobody can be certain who next will have their assets in Hong Kong arbitrarily seized under the National Security Law.

An appropriate response from the international community would be to use targeted Magnitsky sanctions to freeze the assets of officials who are responsible for the dismantling of Hong Kong’s autonomy, like Mr Lee.”