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Hong Kong High Court Freezes HK$8.938 Billion in Assets Tied to 42 Parties

The order covers bank and securities deposits, stocks, property and one account holding Hong Kong dollars, euros and Bitcoin, with the case set to return to court on Aug. 3.

BTC

Summary

Hong Kong’s High Court approved a restraint order freezing HK$8.938 billion in assets linked to 42 people and companies, including Prince Group founder Chen Zhi. The frozen holdings include bank deposits, securities deposits, stocks and property. One account listed in the case held HK$15.92 million in Hong Kong dollars, euros and Bitcoin. The matter is scheduled to be heard again on Aug. 3. In legal and financial enforcement cases, restraint orders are used to prevent assets from being moved or disposed of while proceedings continue.

Terms & Concepts
  • Bitcoin: A decentralized digital currency that can be held directly in wallets or through accounts and is sometimes included in asset-freezing or recovery proceedings.
  • Restraint order: A court order that temporarily prevents assets from being transferred, sold or otherwise dealt with while a legal case is ongoing.
  • Securities deposits: Holdings or balances tied to investment accounts that may include tradable financial assets such as shares or other market instruments.