HSBC has denied Chinese accusations that it colluded with US authorities to “set a trap” for Huawei Chief Financial Officer Meng Wanzhou for allegedly violating US sanctions against Iran. Ms Meng is facing extradition from Canada to the US on charges of wire fraud and sanctions violations.
HSBC admits responding to a US Department of Justice request for information about Ms Meng’s alleged sanctions violations but in its statement, published on Chinese social media site WeChat, denies playing any part in the decision to investigate or arrest Ms Meng.
The allegations against the bank have seen its Hong Kong listed share price fall dramatically and public opinion in China turn against it. This is significant for the London headquartered bank, as 80 percent of its profits are made in Asia.
As extradition proceedings continue against Ms Meng in Canada, HSBC stated that it had no further comment to make on the allegations.