My Take | The irony of protesters urging US action against HSBC
- Protesters have launched a petition to the White House to ban HSBC from the US financial system, but the kind of client due diligence that led to the bank shutting down Spark Alliance’s account is imposed by Americans
I never thought I would feel sorry for a big bank like HSBC. But in the furore over the police investigation of Spark Alliance HK, a non-profit set up to help protesters, for money laundering, it has innocently become a target of the protest movement.
One of its branches was vandalised over Christmas, as was another one owned by subsidiary Hang Seng Bank. As of Friday, a petition to the White House to ban HSBC from the US financial system had been signed by more than 2,000 people, over its decision to close Spark’s account.
Meanwhile, lawmaker and Civic Party chief Alvin Yeung Ngok-kiu is trying his best to stir the pot.
This is how the opposition and protesters operate against anyone or group that crosses them these days.
The bank, however, has presented a rather different sequence of events. The police decision to freeze about HK$70 million (US$9 million) from the fund came after HSBC shut down its account over irregularities the bank uncovered after mandated due diligence of clients.
If there was a regulator involved back in November, it was the Hong Kong Monetary Authority.
