The British-based institution’s banking facilities were ostensibly used for pro-democratic donations during the 2019 protests.
HSBC will not disclose when and whether it exited, closed, or blocked an account that was likely used during the 2019 anti-government protests for donations, and which appears linked to the arrests made by the police in Hong Kong late Wednesday.
finews.asia queried HSBC about the matter in March and early Thursday following the arrests. A reply to the latest email remains outstanding.
The four arrested include a Catholic cardinal, a former opposition lawmaker, and a locally known singer. The step drew international concern, including from the Vatican. Those arrested were also believed to be trustees of the 612 Humanitarian Relief Fund, as indicated by the «South China Morning Post» (behind paywall).
The fund, which suspended donations following the introduction of the 2020 National Security Law in the city following the protests, clearly indicates a dedicated HSBC account set up by the Alliance for True Democracy, providing a specific account number (004) 652-255761-001, a Fast Payment Service (FPS) ID (3261476), as well as methods to make donations in check or cash at ATM counters.
The Alliance for True Democracy was established by pro-democratic groups in 2013 seeking universal suffrage for Hong Kong. It was dissolved in 2021 for the same reason as the fund.
But valid questions remain as to where the balance, if any, is being held even if the fund has been suspended and the alliance is no longer operating.
Continuing Controversy
HSBC has come under considerable pressure and criticism related to its action or lack of action in Hong Kong and abroad as it tries to sidestep the increasingly fraught geopolitical situation in relation to China given the British-based bank derives a significant proportion of its revenues and profits from its business in Asia. This situation has become far tenser following Russia’s invasion of Ukraine, as China considers Vladimir Putin’s regime an ally.
HSBC’s difficulties in managing the current situation were evidenced most recently by a March US bipartisan congressional letter querying the bank about the freezing of accounts in Hong Kong and the restrictions placed on accounts at branches in the US.
It was then that a spokesperson replied to finews.asia that it did not comment on private correspondence.
«So while I cannot address your questions in detail, I can say that like every bank we are required to operate within the law and legal frameworks of all the countries and territories in which we operate,» the spokesperson said.
But pressure is also coming from other key stakeholders, even if for different reasons. Its largest shareholder, Ping An, will reportedly meet with the bank later this month to discuss a proposal to spin off the Asian business and list it in Hong Kong. As reported by finews.asia on Friday, HSBC has allegedly retained Goldman Sachs to compile a report and prepare a rebuttal.
