Left Menu
Development News Edition

Former HK leader calls out HSBC following UK criticism of security law

Reuters | Hong Kong | Updated: 29-05-2020 17:19 IST | Created: 29-05-2020 16:51 IST
Former HK leader calls out HSBC following UK criticism of security law
Representative Image Image Credit: Flickr

Former Hong Kong leader Leung Chun-Ying on Friday called out banking group HSBC Holdings plc for not making its "stance" clear on China's imposition of a new security law on the city, after the United Kingdom's criticism of the move. "One week has passed, HSBC still hasn't expressed their stance on the national security legislation," Leung, Hong Kong's chief executive from 2012-2017, wrote in a Facebook post.

"(The) UK government is following the US government; whether or not HSBC will follow the UK govt is something we need to be highly concerned about," he wrote. HSBC declined to comment.

The comments from Leung, a vice chairman of the Chinese People's Political Consultative Conference, a top advisory body, underscore the risk for foreign businesses of becoming caught in the political crossfire amid fresh civil unrest over a law that many Hong Kongers fear will reduce their city's freedoms. The United Kingdom, the United States, Australia, and Canada have criticized China for imposing the law.

Leung said HSBC should not do things that hurt "China's sovereignty, dignity, and people's feelings" while making money in that country. "China and Hong Kong don't owe HSBC anything, the China business at HSBC can be replaced overnight by banks from China and other countries," he wrote.

"We need to let the UK government, politicians, British companies like HSBC know which side of the bread is buttered." Founded in Hong Kong about 150 years ago, HSBC gets the bulk of revenue from China and Hong Kong.

London-listed shares of HSBC and Standard Chartered, which also has a large exposure to Hong Kong, were down more than 2% and 3%, respectively, on Friday. HSBC was briefly caught up in anti-government protests in Hong Kong during past months when some of its branches were vandalized and its famous bronze lions graffitied during a protest march on Jan. 1.



COVID-19 seems cooking biggest ever global scam

The increasing number of corruption cases on COVID-19 funds from throughout the world and involvement of high profile persons indicate that the countries cant ignore corruption in their pandemic response programs. This has generated the nee...

Health Management Information Systems lack holistic, integrated, and pandemic resilient character

Being a part of the United Nations system, the World Health Organization WHO deserves its share of rebuke for its alleged failure issue COVID-19 health emergency alerts on appropriate time. However, the pandemic has also exposed loopholes i...

Pride in the time of coronavirus: a welcome move online?

This year is different in many ways not least as celebrations are also taking place against the dramatic backdrop of a global health crisis and a resurgence in grassroots activism following the death of George Floyd in Minneapolis. ...

COVID-19: Weighing up the benefits and limitations of edtech platforms

Edtech companies shouldnt focus on merely pushing contents, but to provide an interactive, effective teaching and learning environment. ...


Latest News

Croats vote in close parliamentary race as virus spikes

Amid a spike of new coronavirus cases, voters in Croatia cast ballots on Sunday in what is expected be a close parliamentary race that could push the latest European Union member state further to the right. The ballot is expected to produce...

Record single-day spike of 24,850 COVID-19 cases, 613 deaths in India

Eds adding details of cases in states New Delhi, July 5 PTI With a record single-day surge of 24,850 coronavirus infections and 613 fatalities, Indias COVID-19 caseload zoomed to 6,73,165, while the death toll climbed to 19,268 ...

Feeling yet to sink in but my life hasn't changed at all: Cummins on IPL big bucks

Its been six months since he struck IPL gold with a record-breaking bid but Australian pace spearhead Pat Cummins says his life hasnt changed one bit because he has never been the sort to be too affected by either success or failure. The wo...

St Stephen's registration process from July 7-18; interviews to be held online

Delhi Universitys St Stephens College will commence its registration process on Tuesday and will conduct online interviews in view of the coronavirus pandemic, the college said on Sunday. The registration process will commence on July 7 and...

Give Feedback