Chinese state media step up attacks on HSBC over Huawei troubles
A Chinese government-backed website took aim at HSBC
Holdings PLC (HSBA.L) on Tuesday, accusing the Asia-focussed lender of
“maliciously” playing a role in the arrest of Huawei Technologies’ chief
financial officer.
Huawei CFO Meng Wanzhou’s is fighting against extradition
from Canada to the United States, where she is accused of bank fraud for
misleading HSBC about Huawei’s relationship with a company operating in Iran,
putting HSBC at risk of fines and penalties for breaking U.S. sanctions on
Tehran.
Anger in China over the treatment of Meng and Huawei, the
world’s biggest telecoms equipment maker, has led to criticism of
London-headquartered HSBC intensifying in recent days, with the latest salvo
fired by website China.com.cn.
"The role of HSBC in the Meng Wanzhou incident is
already clear. HSBC's credibility has also been wiped out," said the
commentary (here) posted on the site backed by the State Council Information
Office and the China International Publishing Group.
“In the U.S. government’s political pursuit of Huawei, HSBC
was the one who ‘handed the knife’,” it said in a column written under the
byline Tang Hua, and signed by three editors.
HSBC had issued a statement on Saturday saying it had not
participated in the decision by the U.S. Department of Justice to investigate
Huawei and that it had no “malice” against the company.
The Chinese website article dismissed HSBC’s denial as
“meaningless”.
“Now, wallowing in degradation and with its reputation at
rock bottom, HSBC may struggle to continue to enjoy treatment in China where it
can break the pot it eats food from,” the column said.
A spokeswoman for HSBC in China declined to comment on the
article.
HSBC, which last month broke from its usual political
neutrality to back Beijing’s imposition of a controversial national security
law in Hong Kong, generates the bulk of its revenue in Hong Kong and mainland
China.
Other official Chinese media outlets including the People’s
Daily newspaper and the China Global Television Network have also targeted HSBC
in the past week.
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