A parliamentary inquiry in the United Kingdom found London-headquartered HSBC Bank complicit in human rights abuses against the residents of Hong Kong. The multinational financial services company was accused of aligning with the Chinese authorities. The company reportedly denied pension payouts to the citizens who fled the crackdown in Hong Kong. The HSBC reportedly refused to recognise the documentation of tens of thousands of residents who tried to withdraw their pensions after fleeing to the United Kingdom.
After China’s massive crackdown on the individuals, who Beijing claimed participated in the widespread pro-democracy protests of 2020, about 88,000 people are reported to have left Hong Kong for the United Kingdom. They have been granted residency under the British National Overseas (BNO) visa scheme.
How were Hong Kongers denied their pensions?
The Hong Kong government refused to recognise British National Overseas (BNO) visas as valid identification. This refusal affects the pension scheme for the withdrawal of funds. The UK parliamentary inquiry found that the refusal of Hong Kong authorities to recognise BNO visa as valid documentation violates the guiding principles of the United Nations which states that “everyone has the right to leave any country including his own”.
HSBC’s defence
HSBC, in an official statement, said that it followed Hong Kong’s pension scheme regulator’s rules when members attempted to withdraw their pensions early. “Scheme members are required to provide evidence of the right of abode outside of Hong Kong,” it said. “The MPFA (Mandatory Provident Fund Authority) has publicly confirmed that a BNO passport cannot be used as such evidence.”
However, the chairperson of the UK parliamentary grouping that probed the matter, said banks including HSBC had “been complicit in the repression of the human rights of innocent Hong Kongers, including those who have fled the increasingly authoritarian pro-Beijing government of Hong Kong”.
“These banks cannot continue to act with impunity, and the UK government must act to assist those who are suffering from the impact of these anti-democratic laws,” Alistair Carmichael MP was quoted as saying by The Guardian.
HSBC said in a statement: “As we told the APPG (All Party Parliamentary Group) in November 2021, HSBC has an enduring commitment to Hong Kong, its people, and its communities. It is where we were founded nearly 160 years ago.”
“Like all banks, we have to obey the law, and the instructions of the regulators, in every territory – including Hong Kong – in which we operate.”
What next?
The parliamentary grouping has urged the UK government that banks including HSBC unfreeze the accounts of political dissidents while pursuing a solution that would allow BNO residents to withdraw their pension funds.
You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.
For all the latest business News Click Here
