Apple Daily to Suspend Paper If Hong Kong Accounts Stay Frozen

Bloomberg Quicktake: Now published this video item, entitled “Apple Daily to Suspend Paper If Hong Kong Accounts Stay Frozen” – below is their description.

Next Digital Ltd. plans to stop publishing Apple Daily later this week if authorities don’t allow access to its bank accounts, and will make a final decision on Friday, the pro-democracy newspaper reported on Monday.

In an internal memo at the flagship newspaper of media tycoon Jimmy Lai, a senior editor said online news would stop at 11:59 p.m. on Friday night and the final print edition would be distributed on Saturday if the funds remain frozen. In a staff meeting, managers offered to allow reporters to quit immediately, according to people familiar with the situation who asked not to be named.

“In theory, if the company decides to shut down on Friday and lay off employees, there may be an additional month of payment in lieu of notice, but no one can guarantee that,” said the memo seen by Bloomberg News. “The wish of the management is for everyone to stay till the end, but the risks are unpredictable. Everyone should make their own decisions.”

Representatives for Apple Daily didn’t immediately respond to a request for comment.

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  • In This Story: Hong Kong

    Hong Kong, officially the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR), is a metropolitan area and special administrative region of the People’s Republic of China on the eastern Pearl River Delta of the South China Sea. With over 7.5 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world.

    Hong Kong became a colony of the British Empire after the Qing Empire ceded Hong Kong Island at the end of the First Opium War in 1842. The colony expanded to the Kowloon Peninsula in 1860 after the Second Opium War and was further extended when Britain obtained a 99-year lease of the New Territories in 1898. The whole territory was transferred to China in 1997. As a special administrative region, Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of “one country, two systems”.

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