Hong Kong media tycoon Jimmy Lai Chee-ying (second left) is arrested by police in Hong Kong on Aug 10, 2020 on suspicion of breaching the National Security Law for the Hong Kong Special Administrative Region. (PHOTO PROVIDED TO CHINA DAILY)

HONG KONG - Hong Kong's High Court denied another bail plea on Thursday from local media tycoon Jimmy Lai Chee-ying.

Hong Kong's Court of Final Appeal ruled last week that a lower court's decision last year to grant him bail applied "an erroneous line of reasoning,” but allowed Lai's team to make a new application for bail to the High Court.

Jimmy Lai Chee-ying, who was charged with fraud and violating the National Security Law, remains in custody

The High Court said it will publish its reasons for rejecting Thursday's application at a later date. 

READ MORE: HK's highest court sets aside bail granted to Jimmy Lai

Lai, who was charged with fraud and violating the Law of the People's Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region, remains in custody. 

Prosecutors have accused Lai of breaching the law over statements he made on July 30 and Aug. 18, in which they allege he requested foreign interference in Hong Kong’s affairs.

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Lai has been in custody since Dec 3, except for when he was released for about a week last year before his bail was appealed by the prosecutors and subsequently overturned.

According to media reports on Wednesday,Lai, while in jail, had been arrested again on suspicion of assisting a fugitive captured at sea last year by mainland authorities.

With Reuters inputs