Hong Kong Watch expresses concern regarding the arrest of 20 individuals related to Hong Kongers seeking to withdraw their retirement savings from Hong Kong

Today, the Hong Kong Independent Commission Against Corruption for the Hong Kong Government issued a statement confirming that it has arrested 20 individuals related to Hong Kongers who were seeking to withdraw their Mandatory Provident Fund from Hong Kong.

According to the Government’s press release, in total 20 individuals were arrested, including an insurance agent for Sun Life, as part of a so-called “scheme” to make representations to Mandatory Provident Fund providers that they intended to move to Mainland China so they could gain early withdrawal of their retirement savings.

This follows the decision by the Chinese Government to no longer recognise the British National Overseas passport as a legitimate identity document and to direct Mandatory Provident Fund providers to deny thousands of Hong Kongers who have left the city access to their retirement savings.

Research by Hong Kong Watch published in April 2023 found that the Hong Kong Government is blocking £2.2 billion from leaving the city, with HSBC, Manulife, and Sun Life accounting for the majority of Mandatory Provident Funds.

In May 2023, 90 UK parliamentarians called on the Home Office to issue guidance to HSBC and other UK providers to ensure Hong Kongers who move to the UK under the British National Overseas (BNO) visa have access to their retirement savings.

Similar calls have been made by lawmakers in Canada and the US to their respective providers.

It is understood that the burden of proof for Hong Kongers to withdraw their retirement savings from the Mandatory Provident Fund if they are moving to Mainland China is significantly lower.

Commenting on these arrests, Sam Goodman, Director of Policy and Advocacy at Hong Kong Watch, said:

“These arrests bring back into focus the ongoing scandal of the Hong Kong Government and Mandatory Provident Fund providers such as HSBC, Manulife, and Sun Life, denying tens of thousands of Hong Kongers access to their retirement savings.

This is a direct retaliatory action by the Chinese Government against the introduction of the British National Overseas visa and other lifeboat schemes, and is a direct breach of Hong Kong’s Basic Law which guarantees freedom of movement of capital in and out of the city.

We urge the UK, Canadian, US, and other governments to direct Mandatory Provident Fund providers to recognise the British National Overseas Visa and give Hong Kongers access to their retirement savings.”