Hong Kong media mogul Jimmy Lai denied bail in fraud case

Next Digital Ltd. founder Jimmy Lai was denied bail after being charged with fraud, marking the outspoken pro-democracy media mogul’s latest run-in with the law as the city cracks down on high-profile dissidents.

Lai, 73, was kept in custody pending further proceedings, according to Mark Simon, an aide to the media tycoon. Two other Next Media executives who were charged alongside Lai were released on bail, Simon said. The case was adjourned until April 16, broadcaster Now TV reported.

Shares of Next Digital, which have been on a roller-coaster ride this year — they’ve hit record lows and 12-year highs in 2020 — were halted from trading in Hong Kong Thursday. They last traded at HK$0.23, down 10% for the year.