Todd Bishop
The Government proposed to directly amend the Fugitive Offenders Ordinance to the Legislative Council to resume the second reading review, which caused a social rebound. It also took place outside the Legislative Council on Wednesday to request the government to withdraw the amendment. According to Reuters quoted investment advisers, bankers and lawyers, Hong Kong’s wealthy individuals have begun to transfer their personal assets overseas due to concerns about the implementation of the newly revised extradition regulations.
Hong Kong and Singapore are highly competitive and are regarded as the two major financial centers in Asia. The report quoted an investment adviser as saying that a rich man who thought he might be politically exposed had transferred more than $100 million from a Citibank account in Hong Kong to a Citibank account in Singapore.
The investment adviser also mentioned that Singapore will be an ideal destination if the Regal continues to transfer assets overseas.
The banker revealed that the client has transferred funds from Hong Kong to Singapore.
In addition, according to a report by Credit Suisse in 2018, there are many rich people in Hong Kong. There are 853 people with more than 100 million US dollars in assets, twice as many as Singapore. A person in charge of the private banking business of Hong Kong International Bank, who asked not to be named, said that the client had transferred funds from Hong Kong to Singapore.
The person in charge also pointed out that the situation in Hong Kong has been out of control, pointing out that its customers are difficult to understand, and the leaders are not aware of the economic losses caused by this amendment.
Well-known commercial lawyer Kevin Yam said that few people would expect the bill to be widely used by Beijing overnight, but the bill created an uncomfortable atmosphere that worried that the government would be free in the next few years. Exercise the relevant legislation.
