#FailedBank #FailedState
HSBC in Hong Kong Reportedly 'Embezzles' the Asset Owned by Exiled Lawmaker and his Family

Source: Ted Hui's Facebook #Jan2

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#FailedBank #FailedState
HSBC in Hong Kong Reportedly 'Embezzles' the Asset Owned by Exiled Lawmaker and his Family

On Jan 2, 2021, The Hongkong and Shanghai Banking Corporation (#HSBC) has cancelled all the credit cards under the name of Ted Hui and his family, claiming it a "commercial decision". On the onr hand, the bank charged the outstanding balance on the credit cards from their account; on the other hand, the bank claimed that it "may not be possible" to return any remaining balance, which amounts to around a few tens of thousands of Hong Kong dollars, to the account holders.

According to Ted Hui, the bank asked him to "call them later and see what the bank can do about it." Hui comdemned this as the bank's unlawful embezzlement of private property which is supposed to be protected by Hong Kong’s Basic Law.

Ted Hui, a former lawmaker who is currently in exile, points out that the incident is a result of "HSBC’s own political consideration, with a view to aiding the regime to crack down on opposition voices. This deed has no legal basis at all."

It "reflects the business community’s attachment and obedience to the regime under the National Security Law, which can completely override law and policies, and the regulators can only be 'politically correct' and helpless."

Hui also stated that Hong Kong officials and their families under international sanction actually can keep their bank accounts as well as credit cards

Source: Ted Hui's Facebook #Jan2

https://www.facebook.com/178843345631203/posts/1704755799706609/

#TedHui #Asset #PoliceState

#Oppression #NationalSecurityLaw
#HSBC chief defends freezing accounts of democrats as “legally obliged”

Following thr Chinese Authorities’ imposition of National Security Law in Hong Kong, the HSBC, the city’s leading bank has been criticized for assisting the National Security Police and freezing the bank accounts of pro-democracy activists’, such as #TedHui and his family and the Good Neighbor North District Church.

In a meeting scheduled on January 26, 2021, the Bank’s CEO Noel Quinn told the Foreign Affairs Committee in the UK that the bank was "legally obliged to take action" on accounts after being notified by Hong Kong police.

In a Facebook post on January 24, 2021, former lawmaker Ted Hui Chi-fung, now in exile, said that he has provided the Committee with detailed information on the cases where his and his families accounts were frozen.

Ted Hui added that any bank, business or institution that assists in repressing the freedom of Hong Kong people would have to pay a heavy international price and that he would do everything possible to make them face the consequences.

In a letter to Hui in early January, Quinn explained that the bank was "forced" to freeze the accounts at the request of the police. Hui, however, rejected Quinn’s explanation, saying he “failed to provide the legal basis” for the account lockdown.

Source: Stand News; #Jan25

#UK #ForeignAffairsCommittee
#NoelQuinn #FailedBank