Chester Yung, July 20, 2005 – Lender accused of ‘devil’s work’ for putting pressure on client to sell property to bank associate:

Hong Kong’s leading bank engaged in the ”devil’s work” when it pressured a former client to hastily sell a lucrative property to a close associate of the bank, a High Court judge ruled Tuesday, saying the deal showed a ”total lack of morality or legality.”

The unusually harsh words directed by the court at HSBC, one of the core pillars of Hong Kong’s business community, came as an 11-year court battle ended in defeat for the financial giant. ”This for me is a most unhappy page in the history of the bank,” a High Court judge wrote in a stinging, richly detailed and unrelenting dissection of the bank’s interaction with a failed electronics firm.

Popularity: 3% [?]

No related posts.