Apple Daily Assets Frozen, Could Shut Down Soon

Apple Daily, a pro-democracy newspaper in Hong Kong, will be forced to close “in a matter of days” if it is unable to obtain authorization from the Security Bureau to unfreeze its assets to pay employees.

Mark Simon, an adviser to jailed owner Jimmy Lai said that the company could no longer access its funds and that a board meeting will be held on Monday to consider how to proceed.

“We thought we’d be able to make it to the end of the month,” Simon said.

“It’s just getting harder and harder. It’s essentially a matter of days,” he added.

The Apple Daily meanwhile said that the Board will decide on Friday whether (the company) will continue to operate.

“If the board decides not to continue to operate on Friday, online will stop uploading at 23:59 on the day, the newspaper will cease operation after publishing the June 26 edition,” the newspaper said.

The editor Ryan Law, 47, and Chief Executive Cheung Kim-hung, 59, earlier were denied bail after being charged under the security law with “collusion with a foreign country.”

Last week, police raided the newspaper as part of a national investigation that resulted in the arrest of senior Apple Daily executives for alleged “collusion with a foreign government” and the freezing of the assets of three firms associated with the publication.

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