Exclusive: Hong Kong tycoons start moving assets offshore as fears rise over new extradition law

FILE PHOTO: A placard is displayed during a protest following a day of violence over a proposed extradition bill, near the Legislative Council building in Hong Kong, China, June 13, 2019. REUTERS/Jorge Silva

HONG KONG (Reuters) - Some Hong Kong tycoons have started moving personal wealth offshore as concern deepens over a local government plan to allow extraditions of suspects to face trial in China for the first time, according to financial advisers, bankers and lawyers familiar with such transactions.

One tycoon, who considers himself potentially politically exposed, has started shifting more than $100 million from a local Citibank account to a Citibank account in Singapore, according to an adviser involved in the transactions.