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Letters | HSBC must prove it has not turned its back on trusting shareholders

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Small investors protest outside the HSBC headquarters in Hong Kong’s Central district on April 8. HSBC was among big banks that cancelled dividend payouts and suspended buy-backs on April 1 after a request from UK regulators in light of the coronavirus pandemic. Photo: Dickson Lee

However strong the legal position may be on withholding shareholder dividends, HSBC’s top management must feel guilty about ill-treating members of Hong Kong’s innocent investing public who have been so supportive of a bank they fondly call “Hongkong Bank”.

While activist David Webb is right in advising against bringing lawsuits against HSBC, that would still seem to be the best way of holding to account top management who bowed to the British regulators, especially by veteran shareholders who are full of nostalgia for the good old days when Williams Purves was chairman (“ Rebel HSBC shareholders win labour union’s support ”, April 8).

Besides, it is hoped HSBC will demonstrate that it is still a public company, not one which has turned its back on – and uncompromisingly executed a hostile decision against – innocent, supportive shareholders.

Finally, in all honesty, it is not worth any more valuable time of the top management to debate whether the bank should be domiciled in Hong Kong once again. That would be missing the point.

Mike Cheung, Mid-Levels

Carrie Lam didn’t elect herself to position of city chief

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