Pro-Beijing Paper: Anti-Sanctions Law Can Block Li's Ports Deal

2025-03-21 07:03:55

(MENAFN- Asia Times) A media mouthpiece of the Chinese Communist Party has suggested using China's anti-sanctions mechanism to deal with Hong Kong tycoon Li Ka-shing's proposed selling of his global ports, including two at the Panama Canal, to BlackRock.

In its latest article titled“Stop the transaction, avoid losing a lot to save a little,” Ta Kung Pao, a pro-Beijing newspaper, urges Li to scrap his ports deal.

Since its first attack on Li on March 13, the newspaper has published more than 10 commentaries and news articles on the topic. While previous ones called Li a“traitor” and an unpatriotic businessman, its latest opinion piece mentions a concrete legal tool – the anti-sanctions law – for the first time.

“Both at the national and Hong Kong Special Administrative Region levels, our legal system is quite complete,” writes Wan Yunping. (The name may be a pseudonym as the author has no title and has not published any article before.)

“In response to the United States and Western sanctions in recent years, our country has accumulated rich experience in anti-sanctions and formed an effective response mechanism,” Wan says.“Both the state and the SAR have legal mechanisms to deal with so-called 'legal transactions' that harm national interests.”

He says those who have stressed that Li's proposed deal is a“legitimate transaction” under the principle of freedom of contract are“too naive and senile.”

“From the operational level of commercial mergers and acquisitions, I advise relevant companies and individuals to stop delivery, avoid miscalculations and avoid losing a lot to save a little,” Wan says.

The author also says Li's deal violates the principle of Hong Kong's National Security Ordinance , which states that“the highest principle of the policy of 'one country, two systems' is to safeguard national sovereignty, security and development interests.” The Legislative Council passed the ordinance, drafted on the basis of Article 23 of the Basic Law, in March 2024.

“This transaction directly violates this highest principle as it will hurt China's national security and development interests,” he says.“Violating the principle of the law is also a violation of the law.”

“Throughout the legal system, not every legal provision directly states the consequences of violation,” he adds.“However, the lack of written legal consequences does not mean the law has no legal effect.”

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