"HSBC chief defends bank’s support of Hong Kong security law and democrat’s account closure" 27 January 2021

The boss of banking giant HSBC insisted Tuesday he was legally obliged to close the accounts of a prominent Hong Kong democracy campaigner, as he faced a hostile grilling from UK lawmakers.

Chief executive Noel Quinn was accused by Conservative MP Andrew Rosindell of “double-standards, hypocrisy and appeasement” in acceding to China’s sweeping security crackdown in the former British colony.

“I have to comply with the law,” Quinn told the House of Commons foreign affairs committee when asked about the accounts of Ted Hui, insisting he could not make a “moral or political judgement on these matters”.

Hui, a former lawmaker who has fled Hong Kong, accuses HSBC of flouting his rights in complying with a police order to close accounts belonging to him and members of his family.

He has been caught up in the crackdown imposed under a Chinese-mandated National Security Law in Hong Kong which controversially received support from HSBC among other businesses.

Members of the British parliamentary committee lined up to savage HSBC for supporting the law and for alleged hypocrisy in espousing ethical values elsewhere in the world.

[mentions Barclays]