The extradition bill has spooked some of Hong Kong’s tycoons to start moving their personal wealth offshore, according to financial advisers, bankers and lawyers familiar with the details HONG KONG: Hong Kong media reported on Saturday the city’s government would suspend a proposed law on extradition to mainland China that sparked widespread anger and violent protests, with leader Carrie Lam planning to address reporters later in the day. Support for the extradition bill began to crumble on Friday with several pro-Beijing politicians and a senior adviser to Lam saying discussion of the bill should be shelved for the time being. The extradition bill, which will cover Hong Kong residents and foreign and Chinese nationals living or traveling in the city, has many concerned it may threaten the rule of law that underpins Hong Kong’s international financial status. Hundreds of thousands of people marched through Hong Kong last Sunday to protest the bill, and street demonstrations through the week were met with tear gas and rubber bullets from police, plunging the city into turmoil and piling heavy pressure on Lam. Another protest is planned for this Sunday. Hong Kong’s iCable, the South China Morning Post and Sing Tao newspaper all reported that the bill would be suspended on Saturday. TVB and iCable said Lam would hold a news conference on Saturday afternoon. Calls to Lam’s office went unanswered outside of business hours. Lam has not appeared in public or commented since Wednesday. Backing down from efforts to drive the bill through the city’s legislature by July would have been unthinkable last week when the law’s passage seemed inevitable as Lam remained defiant. Lam has said the extradition law is necessary to prevent criminals using Hong Kong as a place to hide and that human rights will be protected by the city’s court which will decide on a case-by-case basis extraditions. Opponents, including leading lawyers and rights groups, say China’s justice system, where courts are controlled by the Communist Party, is marked by torture and forced confessions, arbitrary detention and poor access to lawyers. Last Sunday’s protest in the former British colony was the biggest political demonstration since its return to Chinese rule in 1997 under a “one country, two systems” deal. The agreement guarantees Hong Kong’s special autonomy, including freedom of assembly, free press and independent judiciary. Many accuse China of extensive meddling since then, including obstruction of democratic reforms, interference with elections and of being behind the disappearance of five Hong Kong-based booksellers, starting in 2015, who specialized in works critical of Chinese leaders. The extradition bill has spooked some of Hong Kong’s tycoons to start moving their personal wealth offshore, according to financial advisers, bankers and lawyers familiar with the details.