Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Hong Kong Extradition Law May Hurt Overseas Investment, Says ICC

Published 08/05/2019, 13:00
Updated 09/05/2019, 05:37
© Reuters.  Hong Kong Extradition Law May Hurt Overseas Investment, Says ICC

(Bloomberg) -- Hong Kong’s plan to end a ban on extraditions to mainland China may impact its ability to grow as a major international business center attracting overseas investment, the International Chamber of Commerce said.

The risk of being removed to a jurisdiction that doesn’t provide the same protection or rule of law will lead people to reconsider whether to choose Hong Kong as their base of operation or regional headquarters, ICC Hong Kong secretary Keith Brandt wrote in a letter to members of the Legislative Council.

The American Chamber of Commerce last month also said the legislation would reduce the appeal of Hong Kong, while opponents of the new law staged one of the largest mass protests since the 2014 pro-democracy Occupy movement. Hong Kong Chief Executive Carrie Lam says the bill is needed, citing challenges in pursuing a 2018 murder case against a man who confessed to killing his girlfriend in Taiwan. The confession came after the man returned to Hong Kong, which doesn’t have an extradition agreement with Taiwan.

Brandt said that particular case should be treated separately. “There are simpler ways to deal with this case as legal experts have pointed out, without having to complicate matters, and use a sledgehammer,” he wrote.

The ICC Hong Kong’s executive committee includes Lippo Ltd. board member Jark Pui Lee and Bank of East Asia Ltd. senior executive Leung Kwok Yau, according to its website.

“We oppose the proposed changes and ask that the legislative process should halt pending a thorough and proper public consultation,” the ICC said in a separate statement to the media.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.