The chair of Parliament's finance committee has warned Australia's big banks against backing new Chinese national security legislation aimed at stamping out dissent in Hong Kong in order to keep their licences in the financial hub.
"They risk serious brand damage at home if they do so," he said. "And once they start on that slippery slope they might find it hard to get off it.”The laws are expected to put mainland national security agencies in Hong Kong and punish dissent in the Chinese territory after a year of protests over Beijing's influence in the semi-autonomous region.
"We review our operational environment to mitigate the risk of services impacting our customers on a regular basis," it said. A Commonwealth Bank spokeswoman said the bank had "no changes planned”.Hong Kong business leaders believe HSBC, was cornered and left with little choice but to sign a petition in support of the legislation.
Source: News Formal (newsformal.com)
ErykBagshaw HSBC and Standard Chartered have set a good example that businesses have no right to keep silence when CCPCChina wants you to agree.
ErykBagshaw Applause to 🇦🇺 banks to have guts in standing up against ccp! Never succumb to ccp pressure! You did it once and you lost all your freedom thereafter! HSBC_HK just showed the world how spineless it has become! standwithHongKong
ErykBagshaw CCPLiedPeopleDied CCPChina
ErykBagshaw Businesses should think carefully, is it worthy to throw away decades or even centuries worth of reputstion in exchagecevod short term gain in a declining and increasingly protectionist market?
Wintericecccc ErykBagshaw I will be the first one to boycott the big four if they back Communist China.
ErykBagshaw Banks run well under politically stable environment with trustworthy legal system. How would they support the CCP....
ErykBagshaw Disappointed with HSBC
ErykBagshaw HSBC & StanChart as banks based in for decades, it kowtowed to a authoritarian regime to support the security law. It is a betray to customers & ppl who believe in its background as a Int'l banks with reputation & integrity. What a shame.
ErykBagshaw Warm reminder to all financial institutions. DONT KOWTOW to evil regime CCP. Otherwise you wont only lose money also freedom, reputation & your brand.
ErykBagshaw FightForFreedom StandWithHongKong StandwithHK HongKongProtests HKprotests MilkTeaAlliance NewwestBerlin MagnitskyActNow WeRemember612
ErykBagshaw The CCP is exporting her totalitarianism to the world by using her growing technology and economic power. Every country and company should SayNoToChina.
ErykBagshaw Don’t make a deal with a totalitarian regime. CCP_is_terrorist
ErykBagshaw This is how barbaric CCPChina is. Everyone, every company must obey the authoritarian ruling of Beijing BoycottChina CCPdictatorship
ErykBagshaw Thank you Australia. Please also aware the economic influence of Communist China in Australia too.
ErykBagshaw please help us!
ErykBagshaw The national security law can only ruin the international financial hub, without free market and rule of law, CCP can confiscate properties of foreign companies in the name of national security
ErykBagshaw It’s doubtful if HK could still be an international financial hub with the new security law... Besides, kowtowing to Beijing didn’t really help, as CCP will always ask for more
ErykBagshaw china money need you knees down to them, why people still do that?
ErykBagshaw Also China :Don't worry! Come and enjoy the free market ! Huh
ErykBagshaw This is what you get when u dance with the devil
TomT88696910 ErykBagshaw As a real HongKong citizen, I have stopped using hsbc for long, if a bank that does not support the society, why should I let them earn!
ErykBagshaw Are financial benefits the priority for such big bank ? Hope Australian can stand firm . The whole world must work together to impose destructive sanctions on CCP .
ErykBagshaw Hong Kong is an example of how Chinese Communist Party treats their citizens, with no rule of law and not allowing people to speak out. They only want us to be their slave. Such tyranny will conquer the world if we don't stop China. fightforfreedom standwithhongkong China
ErykBagshaw CCP is well known for ruling by law. Why would anyone trust a law full of the tyranny’s fingerprints on it?
ErykBagshaw Indeed this is a serious brand damage with possible over-decades redemption period! china is notorious in providing false-information of a free society! Just think about how Hong Kong could act under the national security law regarding the compliance issue over PRC companies🤫
ErykBagshaw The world must sanction any financial enterprise colluding with the Communist Party of China, which will encourage the CCP to commit criminal acts!
ErykBagshaw Could banks just please stop bowing to tyranny in sacrifice of liberty?
ErykBagshaw Financial hub? Just HKPoliceState! Who wants to have their businesses in a communist city? Probably only Standard Chartered and HSBC. We cannot let more them back the CCP in suppressing freedom anymore! CCP_is_terrorist MagnitskyActNow
ErykBagshaw This is blackmail If u give in, u will be blackmailed forever. Justice must be served StandWithHK NationalSecurityLaw
ErykBagshaw It is somehow energetic to see such news since this shows their government have solid stance against the evil law and 🇨🇳
ErykBagshaw I won’t be supporting the Aussie banks if they support this atrocity. The community banks & credit unions are looking very tempting if this happens.
ErykBagshaw CCP is not a good business partner. They can defeat any rules and promises by their own words. Enterprises must think twice.
ErykBagshaw China solution - threatening
ErykBagshaw These international companies must maintain a moral standard. While many voice out for BLM, who have said anything about UyghurLivesMatter ?all of them are just kowtowing to CCP!!
ErykBagshaw When HSBC and StandardChartered choose to support CCP China to impose the NationalSecurityLaw, they are violating their integrity and fail to satisfy their customers.
ErykBagshaw If you was a business owner would you really want to do business with someone who threatens you, does Shady business deals, ethically questionable and just plain manipulative? Course any business owner would give them a wide berth
ErykBagshaw so ausssie banks cannot help CIA laundry money any more?
soshk_hker ErykBagshaw HK financial and business confirmed its built on the common law system and rule of law, if it has become another Chinese cities, would your asset and investment still be safe?
ErykBagshaw Loving all the below targeted attacks by the online Hong Kong protesters. There must be thousands of you guys just sitting there at your computer typing the same crap out every single day. How much do you get paid by the CIA? Shouldn’t you be looking at moving to the UK by now?
ErykBagshaw Australia has its own national security law.. let’s be fair.. let’s rid of ours and China will rid of theirs. So when riots happen, we will just deal with it on the go. Fair enough
FrancesHo13 ErykBagshaw To Australia, be ware that Hong Kong is no longer a common law state in 🇭🇰 . HongKong Chinazi NationalSecurityLaw
ErykBagshaw HSBC supports mexcrian drugs trade for money Laundering. HongKong FreeHongKong
ErykBagshaw
ErykBagshaw Let's be aware! Today Hong Kong, tomorrow the world!
ErykBagshaw They are not easy to do for the banks at HongKong. Cause LeungChunYing (who is Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference) said the chinese companies will boycott the bank who's not obey the CCP.
ErykBagshaw .HSBC .HSBC_UK You are my bank....I will shutdown my account both Business and Personal and I will advise my friends to do the same if you align yourselves with this heinous NationalSecurityLegislation😡 HongKong
ErykBagshaw Thank you the support of Australia! The National Security Law allow CCP to confiscate anyone’s property, including the foreigners’. No one can stay out. You will have nothing if you support CCP. Chinazi FightForFreedom StandWithHongKong
ErykBagshaw The world need to put more pressure to ccp ,the free world cannot stands with tyranny.
ErykBagshaw The national security law can only ruin the international financial hub, without free market and rule of law, CCP can confiscate properties of foreign companies in the name of national security
ErykBagshaw to do business in China, you need to give up all principles and values.
ErykBagshaw
Legend_mh9 ErykBagshaw As a foreign bank, they should foresee that the CCP will aim at them one day after imposing the national security law
ErykBagshaw CCP wanna control the international financial system for saving their Axxxxxxxxxx , they threaten and warn management group of every enterprises.
ErykBagshaw Australia can still take side to back ccp now, how about when ccp is against you in future? StandWithHongKong
ErykBagshaw The CCPChina is damaging the universal values, threatening Hongkongers and the Uyghur. Look what the HK governor says, clearly the rule of law is ignored. If the world doesn’t cut the tie this monster for making money, the world would be engulfed one day too. boycottchina
ErykBagshaw Indeed - the proposed bill would allow China overriding existing laws and arrest foreigners at its will. CCP has been using this Law in PRC to leverage for its political advantages - the arrest of 2 Canadians Micheal & Micheal will happen in HK shortly.
ErykBagshaw I wrote this about 2 weeks ago. 👇 'Giant like HSBC is a good demonstration. Other giants in HK should pray for themselves. Who is next....: Today: Betrayal or loyal to your customers, there is no 'in-between'!
ErykBagshaw
ErykBagshaw As said in the article, HK and China are the most important part of the HSBC business. They will do whatever the CCP wants them to do to keep the profits. That's why we shouldn't put all eggs in one basket.
ErykBagshaw Enterprises are indeed facing great pressure from CCP...but honouring a dictatorship will eventually do no good to your own self. History taught us something.
ErykBagshaw 👍🏻 This is what we should do facing CCP’s thuggish political surge. Multinational firms should also rmb that China is only one of the markets but you’re still based in home countries. Don’t jeopardise your countries’ value to endorse the totalitarian regime.
ErykBagshaw Freedom is not for sale. Once you bow, CCP will only force you help authoritarian further. freedomisntfree
ErykBagshaw While HSBC support the NationalSecurityLaw proposed by CCP, customers afraid that their privacy will be disclosed to CCP due to its political opinion.
ErykBagshaw The sugarcoated China market is now taking toll from foreign businesses like HSBC which're now, in substance, no different from CCP's state owned enterprises. Businesses need to decide if it's worthy to capture short term gains coupled w/ loss of its autonomy like HongKong.
ErykBagshaw Smart move. Trading with CCP is like trading with gangster. You cannot earn the public respect while dealing with criminal. And CCP set the law so one day u may find its hard ti stay neutral. BoycottChina
ErykBagshaw Crazy. ‘The Institute of Public Accountants and Institute of Certified Management Accounts’ are FALSELY represented in newspaper ads in Hong Kong showing they support the nationalsecuritylaw. If you don’t say no, you will be taken as ‘yes’. So say NO!
ErykBagshaw Human rights, freedom and democracy always come ahead of any financial benefits. Banks joining China in ruining the values must be sanctioned!! StandWithHongKong
ErykBagshaw
ErykBagshaw So HSBC_HK and standardcharter must dead. StandWithHongKong SOSHK China_is_terrorist CCP_is_terrorist
ErykBagshaw It seems that some banks have decided sell their souls to the CCP dictatorship, regardless of its disrespect of human rights. We all have to make up our mind now. Be accomplice of the tyranny? Or stand firm for universal values?
ErykBagshaw Chinese National Security Legislation only bring adverse effects to Hong Kong. HongKongers’ life only will be tough under CCP’s tyranny. StandWithHongKong CCP_is_terrorist
ErykBagshaw China’s new national security law bans secession, terrorism, and “foreign interference,” essentially making Hong Kong just like mainland China, where criticism against the government and the Chinese Communist Party is forbidden.
ErykBagshaw Yes, these banks should place the values of freedom and human rights before money making! Only through an open and fair system can their interests be protected!
ErykBagshaw We must stop any international bank kowtow to ccp national law, any individual doing that is violating human rights and must be expelled
ErykBagshaw To banks: you either honour and protect private property or you answer to communists, there’s no in between. HongKong bank
ErykBagshaw Perhaps you should look into (and report) where hsbc’s debt exposure is to see why they are “kowtowing” to the ccp.
ErykBagshaw Why don't the ethnic Chinese of HK want to be Chinese?
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