HSBC is underneath hearth for holding hundreds of thousands of shares in a Chinese language agency linked to atrocities in opposition to Uighur Muslims.
The London-headquartered financial institution, which makes most of its cash in Asia, purchased £2.2m of shares in chemical substances and plastics firm Xinjiang Tianye on behalf of an nameless shopper.
Xinjiang Tianye is a subsidiary of the Xinjiang Manufacturing and Building Corps (XPCC), a sprawling financial and paramilitary group owned by the Chinese language state which is topic to US sanctions.
Anger: HSBC purchased £2.2m of shares in chemical substances and plastics firm Xinjiang Tianye on behalf of an nameless shopper
The XPCC has performed a key function in overseeing the detention and compelled labour of 1000’s of Uighurs and different Muslim minorities.
HSBC mentioned it had complied with all related legal guidelines and restrictions.
However former Tory Get together chief Sir Iain Duncan Smith instructed The Sunday Occasions: ‘HSBC appear to have thrown their lot in with the despotic Chinese language authorities.’
The financial institution has additionally been criticised for failing to face up for democracy in Hong Kong.