Last week (26 September), two executives of the Stand News were sentenced for publishing seditious materials. The case was considered closed. However, significant questions remain, particularly regarding the $61 million in mysterious assets, which have been deliberately obscured, leaving their true origins unclear. Notably, some arrangements suggest likely involvement of foreign powers.

Following police enforcement actions in 2021, the Secretary for Security froze approximately $61 million in Stand News’ assets under Schedule 3 of the Hong Kong National Security Law, indicating its considerable size of revenues. Given that Stand is a small media outlet with limited income, such substantial assets raises serious questions.

Police investigations revealed that most funds for Stand News were deposited covertly, suggesting attempts to evade scrutiny. There are grounds to suspect that individuals deliberately concealed their identities or disguised donations, channelling significant sums into the “news” outlet.

In 2015 alone, over 1,000 transactions were recorded in Stand News’ accounts, primarily consisting of cash or PayPal transfers. A few days after Apple Daily ceased publication on June 27, 2021, Stand News also discontinued its membership sponsorship program, and with minimal advertising, it is puzzling how it amassed over $60 million. This leads to speculation about a substantial external funding source, often referred to as a "water pipe," with the identities of these financiers yet to be unveiled.

Earlier media reports have identified Evan Fowler, an overseas director of Stand News, as a co-founder of the anti-China media outlet Hong Kong Free Press (HKFP) and an associate fellow at the Henry Jackson Society, a British foreign policy think tank closely linked to the UK and US governments. This connection raises suspicions about foreign backing through anonymous donations to Stand News.

There may be multiple such funding channels. As previously mentioned, the U.S. Agency for International Development (USAID) has long provided direct or indirect financial support to media and journalists worldwide under the guise of training and developing the media sector, potentially establishing an anti-government public opinion base. The possibility that Stand News is a beneficiary cannot be dismissed.

To protect its financial information, Stand News operates as a trust fund, with its printing company directed by founder Tsoi Tung-ho. Financial experts note that the high opacity of trust funds complicates tracing large sums of unverified origin. Additionally, the shareholders and underwriters of Stand News are closely linked, allowing for funds to be easily exchanged.

Tsoi Tung-ho, associated with the "Occupy Central" movement, is identified as an initial sponsor of Stand News, having provided funding for its establishment in late 2014. His team included members from the former Home News, such as Chung Pui Kuen. Allegations suggest that during his time at Home News, he received funding from Next Media's owner, Jimmy Lai.

Although the trial surrounding Stand News has concluded, numerous uncertainties persist, particularly regarding the origins of the $61 million in mysterious assets and undisclosed relationships with people in various political circles. As more information emerges, the intricate network connecting internal and external influences in Hong Kong will become clearer.

Lai Ting Yiu




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