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HSBC CEO letter Xu Zhifeng explains the freezing of account: there is no choice to receive the police notice and he refuses to accept

2021-01-17T02:46:44.131Z


Xu Zhifeng, a former Legislative Council member living overseas, said earlier that his and his family’s HSBC account had been frozen, and his credit card account could not be used. HSBC has not explained the legal basis so far, which has aroused external concerns.


Political situation

Written by: Lin Jian

2021-01-17 10:32

Last update date: 2021-01-17 10:32

Xu Zhifeng, a former Legislative Council member living overseas, said earlier that his family's HSBC account was frozen and his credit card account could not be used. HSBC has not explained the legal basis so far, which has aroused concern about the protection of private property in Hong Kong.

Xu Zhifeng said that a few days ago, he received an e-mail from the Chief Executive of HSBC Holdings Limited, Qi Yaonian, to explain that the other party admitted that he had a legal responsibility to take action upon receiving the notice from the police. He had no choice in freezing the account and had to comply with certain laws. Duty of confidentiality.

Xu Zhifeng stated that he did not accept the explanation, because HSBC did not explain the legal basis, nor did it explain the reason for the involvement of his family in the "Lian Zuo Fa", criticizing the statement that "just take care of him."

Xu: HSBC did not give the opportunity to respond according to procedures

Xu Zhifeng quoted Qi Yaonian as saying that HSBC "has a legal obligation to take action upon receiving the notice from the police. It has no choice in freezing the account and must also comply with certain confidentiality obligations under the law." Qi Yaonian also mentioned the previous one. An HSBC employee said that the bank had cancelled Xu's credit card account because of a "business decision" that was "wrong". In fact, the credit card, like Xu's other HSBC accounts, was "frozen" instead of "cancelled."

Xu Zhifeng criticized that since his account was frozen on December 4 last year for nearly a month and a half, HSBC only wrote to explain the incident until now. It was "long overdue and irresponsible."

He also said that based on three doubts, he refused to accept the explanation: First, he did not explain the legal basis for freezing the account.

Under the Organized and Serious Crimes Ordinance, the bank itself must first consider that there is a suspicious transaction in the account, and then submit a report to the "Joint Financial Intelligence Unit" before the police issue a disagreement letter to the bank to freeze the account.

Among them, the "Joint Financial Intelligence Unit" guidelines state that banks should ask customers appropriate questions to clarify the source of funds, beneficiaries, and reasons for transactions, but Xu Zhifeng has never received relevant questions.

Call for sanctions on HSBC and relevant personnel in handling cases

Secondly, Xu Zhifeng pointed out that Hong Kong does not have "Lian Si Fa", but his family members are implicated.

He pointed out that HSBC did not provide a basis for stating that all his family members, their credit cards and bank accounts were involved in suspicious transactions, and therefore questioned that this was a political retaliation against his family for another purpose.

He asked Qi Yaonian to explain clearly to each of his family members.

Third, HSBC initially cancelled its family’s credit cards on the grounds of a "commercial decision", but later changed its statement that it was "wrongly stated", but "freezing" instead of "cancelling."

Xu Zhifeng questioned HSBC's repeated words: "Instead of denying the front-line staff who made the mistake, why not take the initiative to write to explain clearly at the beginning? Which version is the fact? Dignified international business, but under the political flattery, customer service is full of scandals."

Xu Zhifeng finally pointed out: "Any organization that violates professionalism and abandons procedures to assist the regime in suppressing the freedom of Hong Kong people is an accomplice of human rights violations." He criticized HSBC not only infringing on the private assets of his and his family, but also in other political cases. Violating the assets of Hong Kong charities and churches.

He pointed out that HSBC "considered the left and right" in this incident, and called on members of the United Kingdom and other countries to write to HSBC about the incident and discuss and follow up in Parliament. Governments of various countries should also consider dealing with HSBC and those who have handled related cases. , Make corresponding international sanctions.

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Xu Zhifeng HSBC Bank HSBC HSBC HSBC

Source: hk1

All news articles on 2021-01-17

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