Hong Kong freezes listed shares of media tycoon Lai under security law | Canada News Media
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Hong Kong freezes listed shares of media tycoon Lai under security law

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Hong Kong authorities on Friday froze assets belonging to jailed media tycoon Jimmy Lai, including all shares in his company, Next Digital – the first time a listed firm has been targeted by national security laws in the financial hub.

Also among assets targeted were the local bank accounts of three companies owned by him, Hong Kong’s Secretary for Security John Lee said in a government statement.

The statement, issued after the market close, said Lee had issued notices “in writing to freeze all the shares of Next Digital Limited held by (Jimmy) Lai Chee-ying, and the property in the local bank accounts of three companies owned by him”.

Lai was sentenced to 14 months in prison for taking part in unauthorised assemblies during pro-democracy protests in 2019.

He faces three alleged charges under a sweeping new national security law imposed by Beijing, including collusion with a foreign country.

The move against his assets was also made under the security law, which criminalises acts including subversion, sedition, collusion with foreign forces and secession with possible life imprisonment.

The decision by authorities to use the law’s powers for the first time to target a Hong Kong listed company could have repercussions for investor sentiment.

There have been signs of capital flight since the law was imposed last June, to foreign countries including Canada, according to government agencies, bankers and lawyers.

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Beijing said it imposed the law on the former British colony to restore order after months of pro-democracy, anti-China protests in 2019.

However, critics say the law has been used by China‘s Communist leaders to suppress freedoms and pro-democracy campaigners – scores of whom have been arrested and jailed, or have fled into exile.

The chief executive officer of Next Digital, Cheung Kim-hung, told the Apple Daily that Lai’s frozen assets had nothing to do with the bank accounts of Next Digital, and that their operations and finances would not be affected.

The firm’s employees pledged to continue to “uphold their duty and keep reporting”, in a statement posted on the Facebook page of Next Digital’s trade union.

Under Hong Kong stock exchange filings, Lai is Next Digital’s major shareholder and holds 71.26 percent of shares that were worth around HK$350 million ($45 million) based on Friday’s closing share price.

The value of the other “property” assets frozen by the authorities was not immediately clear.

Next Digital runs the Apple Daily, Hong Kong’s most influential pro-democracy newspaper that has long been a thorn in the side of Hong Kong and Chinese authorities.

Senior Hong Kong officials have recently warned Apple Daily about its coverage and have spoken of the possible introduction of a “fake news” law. Critics say this is all part of an ongoing crackdown on the city’s media.

The Taiwan arm of Apple Daily said on Friday it would stop publishing its print version, blaming declining advertising revenue and more difficult business conditions in Hong Kong linked to politics.

($1 = 7.7658 Hong Kong dollars)

(Reporting by Twinnie Siu, Jessie Pang and James Pomfret; Writing by James Pomfret; Editing by Andrew Heavens and Gareth Jones)

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MrBeast and Amazon sued by competitors from his $5M reality show over alleged ‘unsafe’ conditions

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NEW YORK (AP) — MrBeast is accused of creating “unsafe” employment conditions, including sexual harassment, and misrepresenting contestants’ odds at winning his new Amazon reality show’s $5 million grand prize in a lawsuit filed Tuesday by five unnamed participants.

The filing alleges that the multimillion-dollar company behind YouTube’s most popular channel failed to provide minimum wages, overtime pay, uninterrupted meal breaks and rest time for competitors — whose “work on the show was the entertainment product” sold by MrBeast.

A spokesperson for MrBeast, whose real name is Jimmy Donaldson, told The Associated Press in an email that he had no comment on the new lawsuit.

Donaldson’s “Beast Games” was touted as the “biggest reality competition.” It was supposed to put the North Carolina content creator in front of audiences beyond the YouTube platform where his record 316 million subscribers routinely watch his whimsical challenges that often carry lavish gifts of direct cash.

But its initial Las Vegas shoot began facing criticism before it even wrapped. Donaldson’s companies cast 2,000 people in an initial tryout this July where half could advance to the actual show’s filming in Toronto.

Contestants only learned upon their arrival that the Las Vegas pool surpassed 1,000 competitors, according to the lawsuit, which significantly reducing their chances of victory. The lawsuit argues the “false advertising” violated California business laws that prohibit sweepstakes operators from “misrepresenting in any manner the odds of winning any prize.”

The five anonymous competitors also said that “limited sustenance” and “insufficient medical staffing” endangered their health.

The filing alleges that production staff created a “toxic” work environment for women who faced “sexual harassment” throughout the contest. Those sections are heavily redacted in an effort to comply with “confidentiality provisions” signed by the competitors, according to a press release from their lawyers.

The lawsuit adds to the complaints — circulated by online influencers in the shoot’s immediate aftermath — that an unorganized set had left some contestants injured and lacking in regular access to food and medication. Other participants have told AP they received two light meals each day and MrBeast branded chocolate bars.

MrBeast’s team also faces new accusations they “knowingly misclassified” the contestants’ employment status to the Nevada Film Commission in order to receive a state tax credit for more than $2 million.

Among other forms of relief, the five competitors seek an order that MrBeast institute “workplace reforms” and awards “all wages owed.”

Last month, amid several public relations crises, Donaldson ordered a full assessment of his YouTube empire’s internal culture and outlined plans to require company-wide sensitivity training.

No more details have been divulged and no date has been publicized for the reality game show’s release.

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Associated Press coverage of philanthropy and nonprofits receives support through the AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content. For all of AP’s philanthropy coverage, visit https://apnews.com/hub/philanthropy.

The Canadian Press. All rights reserved.



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Premier Smith blames Calgary Green Line fallout on missing “political oversight”

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CALGARY – Alberta Premier Danielle Smith says a lack of “political oversight” undermined Calgary’s Green Line light rail transit project.

Smith says the experience has made clear that when billion-dollar decisions are being made, all funding partners need to be included.

Earlier this week, Calgary city council voted to stop construction on the $6.2-billion Green Line after the province decided to not follow through with previously committed funding.

The province pulled the funding citing concerns the project was not serving enough commuters.

City officials say stopping construction will cost the city at least $2.1 billion while delaying it pending a new design would have cost $30 million per month.

Smith says the province has hired a firm to develop new alignments for the project and expects to receive those ideas in December.

This report by The Canadian Press was first published Sept. 18, 2024.

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Montreal police arrest two people in connection with 15-year-old’s opioid overdose

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Montreal police have arrested two people on drug charges following an investigation into the death of a 15-year-old boy from a synthetic opioid overdose last December.

Laxshan Mylvaganam, 24, and a 17-year-old whose identity is protected have been charged with possession and trafficking of narcotics.

Police say they seized several hundred counterfeit pills containing dangerous synthetic opioids during searches of three homes and a vehicle.

Fifteen-year-old Mathis Boivin from Montreal died in December 2023 after consuming a pill containing nitazene, a synthetic opioid stronger than fentanyl.

His death made headlines in Quebec and his father, Christian Boivin, has spoken widely about his son to raise awareness about the opioid epidemic.

Mylvaganam was arraigned in Montreal today, while the minor will appear at a later date in youth court.

This report by The Canadian Press was first published Sept. 18, 2024.

The Canadian Press. All rights reserved.



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