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In July 2020, Ethical Consumer viewed an article on the CNBC website which stated:

The article stated that HSBC was facing widespread criticism after its top executive in Asia publicly declared the firm’s support for the national security law that China has enforced in Hong Kong. Under the new law, any person ‘undermining national unification’ of Hong Kong with China faced up to a lifetime in prison.

More than 180 people had been arrested on the first day of the new law, including the first person arrested under the legislation for holding a Hong Kong flag of independence. The Hong Kong Police Force had met demonstrations against the national security law with water cannons, pepper spray and pepper balls.

HSBC had signalled its support for the national security bill while it was being drafted in June. The company posted a photo on Chinese social media of its Asia Pacific CEO, Peter Wong, signing a petition in support of its implementation. It’s London press office since confirmed the authenticity of the post.

Western government officials, including US Secretary of State Mike Pompeo and chairman of the UK Parliamentary Foreign Affairs Committee Tom Tugendhat, condemned its decision to support the law. Aviva Investors, a shareholder in HSBC, said that it was ‘uneasy’ with the declaration of support.

image: hsbc branch unethical bank bad finance hong kong
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