HSBC froze over US$87 million in accounts linked to mainland tycoon Sam Pa and his business associate Veronica Fung a year ago as part of an ongoing investigation, The Financial Times reported, citing court documents. A Hong Kong judge last week declined the pair’s request that he order HSBC to release the funds, which the ruling described as “extremely substantial”. Pa, who has arranged several multibillion-dollar deals in Africa, was detained in Beijing last October as part of the Party’s anti-corruption campaign, but it remains unclear whether he is still in detention. Some who have had dealings with Pa claim he has ties to China’s intelligence agencies.
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