According to the case prosecution record submitted by the United States to the Canadian court, Meng Wanzhou concealed the relationship between Huawei and Hong Kong Starcom Technology Co., Ltd. (hereinafter referred to as Hong Kong Starcom) from HSBC, and misled HSBC to continue to provide banking services to China. Therefore, HSBC violated the U.S. sanctions against Iran and faced the risk of civil and criminal finesu201c Fraud .
HSBC has always been aware of Huaweis relationship with Hongkong star.
It is a blatant lie for HSBC to falsely claim that it is not clear about Huaweis relationship with Hongkong star.
Hong Kong Starcom is Huaweis partner in Iran, and the relationship between them is clear. Huawei once held shares in Hong Kong star, and Meng Wanzhou served briefly as a director of the company. However, in 2007, Huawei sold its Hong Kong Star shares, and in April 2009, Meng Wanzhou resigned from the companys board of directors. Since then, the two sides have maintained normal business contacts.
HSBC has always known Huaweis Iran business. In 2010, three-party e-mails proved that HSBC was fully aware of Huaweis relationship with Hongkong star. According to the 2009 / 2010 financial report of Hong Kong Starcom sent by Huawei to HSBC, HSBC fully understands the business situation of Hongkong star in Iran.
The grass-roots know that, the senior management does not know, HSBCs words are pure nonsense!
As the worlds largest communication equipment manufacturer and Forbes Fortune 500, Huawei is the 17th largest customer of the global liquidity and cash management department of HSBC. The two sides have had business cooperation for nearly 20 years. With the scale and duration of such cooperation, will the HSBC account manager serving Huawei be junior employees? Whats more, it is not a reason for HSBC to exempt its own employees, nor is it in line with the compliance management system of the banking industry.
In particular, in December 2012, HSBC signed a deferred prosecution agreement with the US Department of justice for its own misconduct, including violation of the U.S. sanctions against Iran. HSBC assured the US Department of justice that it would conduct a review and clean-up of its customers across the group. In the process, how could HSBC not identify the relationship between Huawei and Hongkong star? If it is not clear, it can be confirmed that HSBC cheated the US Department of justice and should be severely punished!
The most basic compliance requirement of large financial institutions is know your customers. HSBC has a special risk management committee, which claims that all branches have compliance departments. If risk assessment only relies on Meng Wanzhous PPT, what is the employment of these personnel?
In order to frame up Meng Wanzhou, HSBC will not hesitate to demote itself, a hundred years of big line, disgraced!
HSBC has never violated the US sanctions ban for Huawei.
When Meng Wanzhou met with senior executives of HSBC, the HSBC account of Hongkong star was closed, and the cooperation on Iran business between the two sides had ended. As far as HSBC is concerned, there is no problem of Meng Wanzhous fraud in the previous cooperation with Hong Kong Starcom; since then, there has been no cooperation with Hongkong star, which does not touch this risk. The so-called Meng Wanzhou misleads HSBC to continue its cooperation is untenable.
In December 2012 and January 2013, Reuters published two reports that Huawei, through Hong Kong star, engaged in business in Iran in violation of the U.S. sanctions act, including reselling U.S. - made computer equipment to Iranian telecom operators.
Both Huawei and Hong Kong Starcom have normal business operations in Iran, which does not violate the U.S. sanctions law. Even U.S. Commerce Secretary Ross admits, my colleagues and I have not found any problems with Huawei.. Even so, in February 2013, Hongkong star closed its HSBC account. This concludes Huaweis cooperation with HSBC in Iran.
The business has been terminated, and HSBC has repeatedly asked for communication with Huawei. Out of respect, in August 2013, Meng Wanzhou met with senior executives of HSBC, and gave a detailed account of Huaweis business in Iran. The PPT displayed introduced Huaweis and Hong Kongs customers, products, compliance requirements and compliance systems in Iran.
Whether a client has a business in Iran is the only element in HSBCs assessment of compliance risk. On this issue, Meng Wanzhou did not hide or mislead. During the talks between the two sides, Meng Wanzhou did not encourage HSBC to reopen an account for Hongkong star.
There is no risk, and HSBC is certainly happy to continue working with Huawei. In fact, it was not until August 2017, when it came to the last minute to cooperate with the United States to build Huawei, that HSBC had no reason to terminate the cooperation between the two sides. In the past five years, relying on Huaweis large-scale business, HSBC has made huge profits.
HSBC claims to have been cheated and has no actual loss.
In order to make the illusion of being cheated, HSBC exaggerates the data and conceals the facts.
On April 30, 2014, HSBC and eight other banks jointly proposed to provide Huawei with a US $900 million credit line, and each participating bank provided a US $100 million credit line. Based on the proposal, 26 banks, including HSBC, provided Huawei with a $1.6 billion credit line on July 25, 2014, of which the total limit provided by HSBC was $80 million.
It is no wonder that HSBC dare not claim any rights to Huawei!
Huawei and HSBC submit investment certificate
HSBC cooperated with the United States in the construction of Huawei, in which there was a huge exchange of interests: HSBC acted as the victim to prove Meng Wanzhou, in exchange for the US pardon, and escaped the criminal charges of the US Department of justice against HSBCs felony of money laundering.
In 2012, the US government charged HSBC with serious money laundering and financing of international terrorism. The US Department of justice confirmed that HSBC was involved in money laundering activities. To this end, HSBC paid $1.92 billion in fines and reached a five-year (2012-2017) deferred prosecution agreement with the US Department of justice. HSBC agrees to cooperate with the U.S. Department of justice in any investigation and has the right to withdraw the agreement and file criminal charges against HSBC if it fails to comply with the requirements.
According to the U.S. sanctions law, bank executives who participate in money laundering activities themselves will face severe criminal penalties. Some media commented that $1.9 billion is only equivalent to the profits of HSBC for five weeks, and no one was charged with any crime in the end, so that HSBC was considered to have escaped the catastrophe.
The appointment to see Meng Wanzhou by name was not equal. Huawei has a dedicated department to do business docking with HSBC. The meeting between the two parties should be attended by the relevant person in charge who is familiar with the situation. But HSBC has appointed to see Meng Wanzhou, and Alan Thomas, the head of global banking in the Asia Pacific region, is not at the same level as Meng Wanzhou.
Business contacts between companies are generally based on e-mail and other written materials. However, people familiar with the matter revealed that the invitation to Meng Wanzhou by HSBC did not leave any written traces. The meeting was held in a Steakhouse near the four seasons hotel in Hong Kong to discuss such an important issue. It is unreasonable for HSBC not to choose the companys meeting room!
HSBC has a long way to go. After learning that HSBC had submitted information about Huawei to the United States, Reuters contacted Allen Thomas and found that he had retired and declined to comment.
Take the initiative to hand over the knife to get rid of the crime.
From the perspective of public information, from February to July 2017, HSBC took the initiative to make at least four statements to the US Department of justice, actively cooperated with the US investigation into Huawei, and thousands of internal people were interviewed by the US Department of justice.
In December 2017, although the U.S. Department of justice compliance regulators believed that there are still significant deficiencies in HSBCs compliance, the US prosecutors unexpectedly dropped all criminal charges against HSBC and ended the supervision of HSBC.
From 2013, we planned to meet Meng Wanzhou carefully, and then we started the investigation on Huawei secretly in 2016, and ended our cooperation with Huawei in August 2017 Through a series of operations, HSBC not only retains Huawei as a big customer, but also maximizes its profits. At the same time, its senior executives have landed safely, becoming one of the few enterprises accused by the US side to withdraw its accusation!
Who will be HSBCs next customer to sell?
American hegemony strangles Chinese high-tech enterprises
Fabricating facts, fabricating charges, abusing power and arresting illegally. The Meng Wanzhou incident is a mirror, reflecting how the United States and Canada, under the guise of judicial justice, are conspiring to launch a political pursuit against Chinese high-tech enterprises under the guise of judicial justice.
Canadas extradition act and Canada US extradition treaty clearly stipulate that extradition for political purposes is not supported. Therefore, the Canadian authorities have always insisted that the Meng Wanzhou incident is a judicial case. However, a memorandum released in June by the Canadian Security Intelligence Agency clearly stated that the FBI informed the Canadian Security Intelligence Agency of its plan to arrest Meng Wanzhou. The memorandum also warned that planned actions will have a significant impact at the international and bilateral (Sino Canadian) levels.
The provisional arrest warrant issued by the Canadian court on November 30, 2018 clearly states immediate arrest. On December 1, Canadian border service law enforcement officers intercepted Meng Wanzhou at the corridor bridge for the first time, forced her to hand over her mobile phone and password, and illegally detained her for nearly three hours. During this period, not only did he not tell the real reason for the detention, but also forced Meng Wanzhou to answer questions related to the contents of the US criminal indictment. Canadas law enforcement agencies temporarily changed the arrest plan to assist the FBI in illegally collecting evidence for criminal prosecution of Meng Wanzhou. In the whole process, the Justice Department of Canada and its senior officials were aware of the whole process, and they did not intervene and stop the illegal activities when they knew that the related illegal acts seriously infringed on Mengs rights. In late Meng Dynasty, the so-called extradition cases have entered the stage of non public trial. People around the world who are in charge of justice are waiting for Canada to make a fair judgment. Huawei applied to the Canadian court to suspend the extradition of Meng Wanzhou to the United States. 19 former Canadian political figures jointly wrote a letter to release Meng Wanzhou. Trudeau refused the Chinese Embassy in Canada: China has made solemn representations to Canada on Meng Wanzhous ruling. Source: global.com editor in charge: Zhong Qiming_ NF5619
Canadas law enforcement agencies temporarily changed the arrest plan to assist the FBI in illegally collecting evidence for criminal prosecution of Meng Wanzhou. In the whole process, the Justice Department of Canada and its senior officials were aware of the whole process, and they did not intervene and stop the illegal activities when they knew that the related illegal acts seriously infringed on Mengs rights.