Some Hong Kong tycoons have started moving personal wealth offshore as concern d...
HONG KONG - Some Hong Kong tycoons have started moving personal wealth offshore as concern deepens over a local government plan to allow extraditions of suspects to face trial in China for the first time, according to financial advisers, bankers and lawyers familiar with such transactions.
Hong Kong and Singapore compete fiercely to be considered Asia’s premier financial center. The riches held by Hong Kong’s tycoons have until now made the city the larger base for private wealth, boasting 853 individuals worth more than $100 million - just over double the number in Singapore - according to a 2018 report from Credit Suisse.
Professor Simon Young, of the University of Hong Kong’s law school, told Reuters that it was understandable that some Hong Kong residents might be considering moving assets out of the city given the little-noticed financial reach of the bill. A Hong Kong government spokesman did not directly address Reuters’ questions over capital flight, but said Hong Kong’s “world class financial infrastructure” and open, international market had a regulatory regime “completely compatible with that of overseas markets”.
Search, seizure and confiscation can involve cases with a penalty of two years in prison or more, compared with the threshold of seven years for extraditions under the Fugitive Offenders Ordinance, the submission notes. Requests can also be made at the investigative rather than prosecution stage.
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