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Hong Kong Ex-Lawmaker Rejects HSBC Account Freeze Explanation

  • Exiled lawmaker says bank has ‘failed to provide legal basis’
  • Bank’s Hong Kong-listed shares fell as much as 3.1% on Monday
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Former Hong Kong lawmaker Ted Hui stepped up his criticism of HSBC Holdings Plc as Chief Executive Officer Noel Quinn reached out to him personally to explain why the lender froze his accounts after he fled the city for self-exile in the U.K.

In a Facebook post on Sunday, which included a photo of part of the letter he received from Quinn, Hui said that HSBC has “failed to provide the legal basis” for freezing his accounts and those of his family members and didn’t explain why his family was also “collectively punished.”