Trading of Next Media media shares has been suspended from trading after the company’s founder Jimmy Lai received a surprise visit from Hong Kong’s anti-corruption agency this morning.
The reasons for the visit and the suspension of the shares are yet unknown, although Jimmy Lai and his most popular publication Apple Daily are renowned for their criticism of Beijing and support for democracy in Hong Kong.
Back in June, HSBC and Standard Chartered PLC banks pulled millions of dollars in advertising from Apple Daily. While Next Media claimed the move was down to pressure from Beijing, the banks said the decision was made purely on commercial grounds only.
Today’s early morning visit comes ahead of China’s expected announcement on Sunday on its decision for proposals for the 2017 elections. It really does make you wander about the nature of corruption, doesn’t it?
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Photo: AP
