According to the letter read by Bloomberg News, HSBC and Citibank ignored the instruction and will be “punished with a fine in the indictment process and sentenced to seven years in prison.”

The Hong Kong authorities sent letters threatening the bankers of media mogul Li Zhimei that if they deal with any of his accounts in the city, they will be sentenced to up to seven years in prison.

Security Minister Lee Lee, who signed the letter seen by Bloomberg News, previously announced that he would freeze bank accounts related to the issuer of the city’s pro-democratic Apple Daily under Hong Kong’s comprehensive national security law. These letters were sent to HSBC Holdings plc and Citigroup earlier this month.

The letter stated that bankers who disregarded this order would be “prosecuted, fined and imprisoned for seven years.”

Li said at a press conference on Thursday: “The reason why I exercise my power is because Li is accused of colluding with other countries or foreign forces to endanger national security for two crimes.” , If the parties concerned do not follow my instructions, what will be the consequences.”

A Citigroup spokesperson said in an email that it will not comment on personal accounts and must comply with all applicable laws and regulations in the markets in which it operates. A spokesperson for HSBC declined to comment.

As Beijing strengthens its control over Asian financial centers, these letters may further frighten investors in Asian financial centers. More than 40% of the members surveyed by the local American Chamber of Commerce indicated that they might leave Hong Kong, which highlights the business sector’s concerns about security laws and the government’s strict policy on Covid-19.

Lai is an outstanding democracy activist who used his Next Digital Ltd. media property to support protests against China in 2019 and is currently jailed for participating in an unauthorized rally in Hong Kong. According to the security law, he will also face more severe charges, including “collusion” with foreign forces.

According to a Reuters report, one of Lai’s financial advisers said that the amounts in these accounts were relatively small, but they represented the Hong Kong end of the international banking network related to his private wealth. According to Reuters, these letters existed earlier.