Ted Hui's Financial Woes Continue

Ted Hui's war of words with HSBC continues with credit cards

 

Exiled former lawmaker Ted Hui Chi-fung is being slowly financially strangled while living in the UK now that HSBC has suddenly cancelled his credit card and those of his family.

He claimed the bank did this due to "political considerations" and "unlawfully embezzling" their money.

Weeks earlier the Hong Kong police accused Hui of misappropriating money from a crowdfunding campaign and froze his bank accounts and those of his parents and wife, including ones with HSBC.

Hui's credit card was suddenly cancelled

In today's Facebook post, Hui said the bank told him that all credit cards belonging to him and his family had been cancelled without notice as a "commercial decision".

"The decision to cancel the credit cards is a political one, taken out of HSBC's own political considerations, with a view to aiding the regime in cracking down on opposition voices," he wrote. "This deed has no legal basis at all."

Hui also accused the bank of "acting like a robber", saying he was told it "might not be possible" for him to receive refunds for certain goods purchased with the cards.

"All private property is protected by Hong Kong's Basic Law. It has now been unlawfully embezzled by HSBC without any explanation," Hui said, adding he and his family had a good credit history. 

He said the move reflected the business community's obedience to the regime under the Beijing-imposed national security law, which he characterized as overriding existing frameworks and constraining regulators, forcing them to be "politically correct".

Hui claims the bank is "acting like a robber"

While HSBC refused to comment on specific accounts, the Hong Kong Monetary Authority only said banks were required to conduct business according to applicable laws and international regulatory standards.

One broker surmised the move may be HSBC's way of trying to cut its ties from politically sensitive figures, while another pointed out Hui was basically unemployed now that he was not a legislator nor a district councillor, so he didn't have a stable income anymore.

Hui was out on bail and facing several criminal charges related to last year's anti-government protests when he fled to Britain via Denmark last month.

The police confirmed they froze HK$850,000 (US$109,600) in Hui's accounts with HSBC, Hang Seng Bank and Bank of China. 

Hui last year during one of the protests

The former legislator denied embezzling funds, saying a law firm was holding the funds in another account. 

It's a war of words Hui is having with banks and the police, and in the meantime his financial resources are shrinking very fast. It seems the Hong Kong government and by extension Beijing is like a snake coiled around Hui and making it harder and harder for him to breathe.

How will he survive? It would be difficult for people in Hong Kong to send money to him, as they could be accused of helping a fugitive and possibly charged. 

It seems starting a new life in Britain will be much harder than Hui thought...