HSBC not innocent in ‘betrayal’ of Huawei
US long-arm jurisdiction, hegemonic game disrupt world business order
The US, which has abused the so-called long-arm jurisdiction power to arbitrarily crack down on any third party, such as Huawei, and forced others to be an “accomplice” during its hegemonic game, is increasingly becoming a major troublemaker for other countries and the world business order, sources said, adding that those who yield to the US, like HSBC, and unwisely choose sides also need to be blamed and should not claim innocence.
Observers said HSBC is more like the then-French multinational Alstom, which sold its energy division to General Electric over a US investigation. As Huawei still stands tall after being suppressed by the US for over a year, the bank chose to fall on US knees amid sanctions.
The US is using the case of a senior Chinese telecoms executive arrested in Vancouver on a US warrant 18 months ago to create friction between China and Canada, said Cong Peiwu, a Chinese envoy to Ottawa, Reuters reported.
“The US has been taking advantage of Canada, and is the troublemaker of ChinaCanada relations. We believe this is a grave political incident plotted by the US to bring down Chinese hi-tech companies,” the ambassador said.
The remarks come as the latest ruling from a Canadian court has kept Huawei Chief Financial Officer Meng Wanzhou, who was arrested by Canadian police at the request of US, under detention.
While describing Canada’s ruling as completely surrendering its self-proclaimed judicial and diplomatic independence to US bullying, legal experts and media also found that previous legal documents indicate that HSBC, the London-headquartered multinational bank, set a trap for Meng’s probe as it had its own issues in the face of US sanctions.
A source familiar with the bank who prefers not to be identified told the Global Times HSBC did not intentionally leak the information to the DoJ on Huawei’s business with Iran, but yielded to US legal pressure. “The bank had no choice but to follow the legal obligation to provide information to the DoJ,” the source said.
Nevertheless, people familiar with the case told the
Global Times it is not even true to depict HSBC as a victim of the China-US battle or Washington’s long-arm jurisdiction, as its then deputy head of global banking for the Asia-Pacific region, Alan Thomas, who had provided crucial “evidence” to the US side that served as numerous misrepresentations in the case against Meng, had not been coerced by the DOJ but represented a deliberate coordination with the US government.
HSBC may be a victim of US long-arm jurisdiction, but it has a choice when facing pressure from the US, and should not claim to be a “victim” in Huawei’s case, said Shen Yi, a professor at the School of International Relations and Public Affairs of Fudan University.
Those who unwisely chose sides and believe that they could “lean on the big tree for shade” will face sanctions and a loss of reputation when doing business hereafter, experts said.
The bank is now stuck in the middle of the escalating confrontation between China and the US over not only Huawei but also Hong Kong. Its belated stance on the upcoming national security law for the Hong Kong Special Administrative Region (SAR) drew a backlash from Chinese, in addition to keeping an account for an online fundraising platform that raises money for illegal protesters, which have shaped its controversial history with the Chinese market.