Sunday, August 29, 2021

HSBC Never Left the Dope Trade nor the Crown: Why HSBC Is No ‘Victim Institution’ in the Huawei Case


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For some this subject may be considered old news, but in truth it just slithered back into the dark before you could take a good look at its face.

s the story goes, Meng Wanzhou was arrested at the Vancouver (Canada) airport Dec 1, 2018, on her way from Hong Kong to Mexico City and ultimately Buenos Aires. Her arrest was based off of the accusation that she had lied to the HSBC executive at a 2013 meeting meant to reassure the bank that Huawei was not violating US sanctions against Iran. Meng Wanzhou CFO and Ren Zhengfei CEO of Huawei have maintained that Huawei was not in breach of any sanction, stating that the Iranian company Skycom was a local partner in Tehran and not a Huawei subsidiary. In addition, they have maintained that they have evidence in email correspondences with HSBC, that it was aware from the very start the nature of Huawei’s relationship to Skycom, and therefore the accusation by HSBC that the bank was deceived is completely unfounded. Though none of the transactions allegedly occurred in the US, it is being claimed that the US has jurisdiction due to money allegedly passing through the US banking system.

This case has proved to be odd for a number of reasons.

It is the first time in history that a non-US person is being charged for violation of US sanctions and the first time a non-US person has been criminally charged solely for having ‘caused’ another non-US entity, in this case a bank, to violate US sanctions. In addition, when charges of this sort, having to do with sanctions, are made it is typically done against the institution and not an individual. The thought that Meng Wanzhou’s arrest is meant to be used as leverage over the trade war and Huawei’s future business dealings is thus not unfounded.  (more...)

HSBC Never Left the Dope Trade nor the Crown: Why HSBC Is No ‘Victim Institution’ in the Huawei Case

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