Washington condemned alleged moves made by HSBC to block financial access to executives working at Next Digital – the media group owned by Jimmy Lai, who was recently arrested under the national security law.
Although Next Digital’s business account remains open, HSBC has allegedly frozen Lai’s personal and private business accounts, according to a «Reuters» report citing a senior executive at the firm, Mark Simon. Access to Simon’s own personal and credit card account have also been blocked though they continue to take loan and credit card payments.
«The United States is dismayed to learn the Chinese Communist Party (CCP) continues to bully our British friends and their corporate leaders,» according to U.S. secretary of state Mike Pompeo in a statement via his social media account. «HSBC maintains accounts for individuals sanctioned for denying Hong Kongers’ freedom, while shutting accounts for those seeking freedom.»
Lai has thus far been the most high profile arrest under the controversial national security law in a move that many perceived as a fatal hit to free press. A noteworthy financial event, his arrest earlier this month sparked perhaps the most historic case of investor activism as retail traders rushed to buy Next Digital stocks in a mass showing of solidarity – a move that caused the stock price to soar over 1,000 percent in two days.
«Resist CCP Bullying»
Amongst global banks, HSBC has been one of the most vocal supporters of the national security law and continues to commit to expansion and capitalizing business opportunities in Asia, particularly in China. It recently announced plans to hire up to 3,000 wealth planners for its mainland China business in the midst of a global overhaul that includes 35,000 job cuts.
But rather than directly condemn the bank for effectively complying with the national security law Pompeo placed greater focus on supporting the British government.
«Free nations must ensure that corporate interests are not suborned by the CCP (Chinese Communist Party) to aid its political repression,» he added. «We stand ready to help the British government and its companies resist CCP bullying and stand for freedom.»
