World Left Bankless by Sanctions, Hong Kong Leader Has ‘Piles of Cash’

(Bloomberg) -- Hong Kong’s Chief Executive Carrie Lam says that she has “piles of cash” at home because she is denied basic banking services due to U.S. sanctions.

© Bloomberg Carrie Lam, Hong Kong's chief executive, speaks during the Chief Executive's Question and Answer Session at the Legislative Council in Hong Kong, China, on Thursday, Nov. 26, 2020. The Hong Kong government is scrapping an extra stamp duty levied on commercial property purchases in an effort to bring the lackluster market back to life.

In a television interview, Lam said the Hong Kong government has to pay her in cash because she does not have a bank account following sanctions imposed by the U.S. on her and other officials for what it called their role in undermining Hong Kong’s autonomy from mainland China, including imposing a national security law on the city at the end of June.

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The exit of opposition lawmakers from the legislature deepens anxieties about the territory's political future.That’s unlikely to change in the near future. Though the city’s democracy campaigners have spent over three decades trying to cleave greater political concessions from Beijing, they have not succeeded. Their fight now looks to be in freefall, with each passing week bringing a new nadir.

Hong Kong leader Carrie Lam faces a backlash after she said she has " piles of cash " at home as she has no bank account after the United States slapped. Hong Kong Chief Executive Carrie Lam Lam said it was "very honorable" to be "unjustifiably sanctioned " by the US government.

Hong Kong 's Chief Executive, Carrie Lam, has said in a TV interview that she has to keep " piles of cash " at home as she has no bank account. She also added that it was "very honourable" to be "unjustifiably sanctioned " by the US government. She is said to be one of the highest paid leaders in

“Sitting in front of you is a chief executive of the Hong Kong SAR (special administrative region) who has no banking services made available to her,” Lam told Hong Kong International Business Channel. “I’m using cash every day, for all the things. I have piles of cash at home because the government is paying me cash for my salary because I don’t have a bank account.”

U.S. President Donald Trump imposed the sanctions in August on Chinese and Hong Kong officials including Lam; Xia Baolong, director of the Hong Kong and Macau Affairs Office of China’s State Council; and Chris Tang, commissioner of the city’s police. Among other things, the sanctions mean any banks that do business with them risk penalties that would threaten their access to the U.S. financial system.

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Fellow activists Agnes Chow and Ivan Lam were also remanded to custody after pleading guilty. All three will be sentenced Dec. 2. Wong, who has been arrested multiple times and was last jailed for two months in 2019 for contempt of court, was characteristically defiant in a statement prior to his court hearing. “It is the least ridiculous outcome among others that happened recently in Hong Kong,” he said. “In the past 3 weeks, a total of 23 activists, journalists and [legislative] councillors came under arrest. Everyday we have activists standing in trials, protestors sent to jail.

Hong Kong leader Carrie Lam said she has " piles of cash " at home as she has no bank account after the United States slapped sanctions on her in Lam added that it was "very honourable" to be "unjustifiably sanctioned " by the US government and does not want to deter anyone from serving in

"I have piles of cash at home, the government is paying me cash for my salary.".

© Bloomberg Carrie Lam, Hong Kong's chief executive, speaks during the Chief Executive's Question and Answer Session at the Legislative Council in Hong Kong, China, on Thursday, Nov. 26, 2020. The Hong Kong government is scrapping an extra stamp duty levied on commercial property purchases in an effort to bring the lackluster market back to life.

Even China’s largest state-run banks operating in Hong Kong have had to comply to preserve their access to crucial dollar funding. Major lenders with operations in the U.S. including Bank of China Ltd., China Construction Bank Corp., and China Merchants Bank Co. have turned cautious on opening new accounts for the 11 sanctioned officials, including Lam, Bloomberg News reported in August.

Read more: China Banks Act to Comply With Trump Sanctions on Hong Kong

“It’s very honorable in this set of circumstances to be so unjustifiably sanctioned by the U.S. government. It’s an honor,” Lam said. She has repeatedly blasted the U.S. sanctions as unjustified interference in Hong Kong’s internal affairs.

The new national security law, which criminalized subversion, secession, terrorism and collusion with foreign forces, has enabled authorities to clamp down on Hong Kong’s political opposition, arresting pro-democracy activists and banning lawmakers from running in legislative elections.

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