Hong Kong: Former legislator Ted Hui condemns banks for "succumbing to political pressure", as his bank accounts got frozen amid police investigations
"Former lawmaker Ted Hui’s bank accounts frozen, then later unexpectedly released as Hong Kong police probe possible embezzlement, national security law violations", 6 December 2020
Hong Kong police said on Sunday they were investigating whether fugitive former lawmaker Ted Hui Chi-fung violated the national security law or laundered money with a crowdfunding campaign and had frozen HK$$850,000 (US$109,660) in accounts belonging to him and his family.
But hours later Hui said holds on his family accounts were taken off and his personal accounts also partially released, while also taking aim at the city’s most prominent lender.
“Due to the family’s complete distrust of HSBC in Hong Kong, we have immediately transferred the savings to a safe place,” he said in a Facebook post at about 10pm.
He condemned the banks involved for what he called succumbing to political pressure by arbitrarily freezing assets under the sweeping national security law.
Sources told the Post that police approached HSBC, Hang Seng Bank and Bank of China with search warrants and asked them to suspend certain services – including Hui’s personal HSBC account. A Hang Seng account belonged to a relative. [...]
An HSBC spokeswoman said the bank was disappointed over rumours the lender had suspended services to certain customers.
“While we are unable to comment on matters concerning specific account activity, we are disappointed to see the circumstances having been misrepresented,” she said. “To reiterate, when banks are made aware of negative news in the market, they will enhance due diligence on the relevant accounts as part of their responsibility.”