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  • 3 Post By fullmetaljacket

HK holding company question

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  1. #1

    Join Date
    May 2021
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    Beutiful Italy, where people don't know how to drive :)
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    199

    HK holding company question

    I have a question: if I have a company in HK which in turn owns a company in the UK, and that UK company has a bank account in a UK bank, can the HK government have any kind of control over that bank account? E.g. block the account? Thank you.


  2. #2

    Join Date
    Dec 2011
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    Sai Kung
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    Can the HK government block/freeze the account in the UK? No. They don't have the jurisdiction or the power (yet) to do so.

    Can the UK bank block/freeze the account on a request/notice from the HK government? Depends on the case. Is the bank trying to please the HK government? If so, yes they might just think about it, but the UK laws would prohibit them from doing so (i.e., there should be some legal basis in the UK to do so). If there is an international case (terrorism, trading with black-listed parties/countries etc.), then the probability of blocking the UK account is higher. It will be supported by the UK laws, or due to the sanctions put on by the US government, making it impossible to operate the account (SWIFT system used by banks is from the US, so they can deny serving the bank if they continue to operate this account).

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