HSBC’s Noel Quinn Apologizes to Self-Exiled Hong Konger

Self-exiled lawmaker Ted Hui publicly shared and criticized HSBC CEO Noel Quinn’s apology over frozen accounts which claimed that the bank was done on orders by the Hong Kong police.

I regret that HSBC is not able to operate your bank and credit card accounts, said Quinn in an email dated January 11 and sent to Hui who has shared an image on his Facebook account.

Quinn explained that the bank had no choice but to take action after being instructed by the Hong Kong police, Hui said, and he also apologized over communications with HSBC.

The ex-Democratic Party member and his family’s accounts were allegedly frozen by HSBC alongside Hang Seng Bank and Bank of China after police said they were probing for a money laundering linked to a crowdfunding campaign.

According to Hui, there is no legal basis for freezing his nor his family’s accounts, underlining a specific concern that he had not received questions regarding any suspicious transactions prior to the move.

Hui has since said his family accounts were unfrozen and his personal accounts were partially released. He also noted that HK$200,000 ($25,800) had been frozen, less than the initial HK$850,000 ($110,000) claimed by local police.

HSBC said it would not comment on specific accounts and maintains its stance that it must comply with the jurisdictions in which it operates.

Hui also said that the bank had initially chosen to cancel his account before changing its decision to just freezing it.

I can hardly accept the nearly laughable U-turn explanation given by HSBC regarding my credit cards, from ‘a commercial decision to cancel’ to ‘frozen only’ after enormous public criticisms, he said. This is not so much a mistake made by a frontline staff member.