Scottish Daily Mail

Anger at HSBC links to China firm


HSBC is under fire for holding millions of shares in a Chinese firm linked to atrocities against uighur Muslims.

The London-headquarte­red bank, which makes most of its money in asia, bought £2.2m of shares in chemicals and plastics company Xinjiang Tianye on behalf of an anonymous client.

Xinjiang Tianye is a subsidiary of the Xinjiang Production and Constructi­on Corps (XPCC), a sprawling economic and paramilita­ry group owned by the Chinese state which is subject to uS sanctions. The XPCC has played a key role in overseeing the detention and forced labour of thousands of uighurs and other Muslim minorities.

HSBC said it had complied with all relevant laws and restrictio­ns.

But former Tory Party leader Sir iain duncan Smith told The Sunday Times: ‘HSBC seem to have thrown their lot in with the despotic Chinese government.’ The bank has also been criticised for failing to stand up for democracy in Hong Kong.

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