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HSBC IN REPLY TO WICKREMESINGHE SAYS THAT IT PRACTICES HIGHEST STANDARDS AND VIOLATES NO LAW IN SRI LANKA

By Walter Jayawardhana

HSBC, one of the largest banks in the world said in response to the allegations of Sri Lanka’s United National Party (UNP) leader Ranil Wickremesinghe that it practices highest standards in its operations and adheres to all laws and regulations in every country it operates.

The bank was reacting to Wickremesinghe that the bank is violating the country’s laws in the government’s bond issue of USD 500 million (56.5 billion Sri lanka Rupees)

Hongkong and Shanghai Banking Corporation (HSBC) along with JP Morgan and Barclays are lead managers in the bond issue.

In a statement issued in Colombo the HSBC said as one of the largest financial organizations in the world it has a major footprint in the international capital market based on integrity and commitment.
The statement added that the HSBC has a long and proud history stretching back more than 100 years in Sri Lanka.

Addressing his party’s public gathering in the party’s headquarters near Colombo Wickremesinghe said, when his party comes to power the HSBC will have to run back to Hongkong or Shangahai. He said a future UNP government would cancel the banks’s operating license to do business in Sri Lanka. The threat was broadcast by the state owned TV channels.

Wickremesinghe further said the Bank is violating the country’s laws and the bond issue contravenes the laws. He did not substantiate by showing what sections of the laws contravene the bond issue.
Meanwhile addressing a public rally in Galle President Mahinda Rajapaksa in obvious reference to Wickremesinghe said that certain leaders protest and threat against the HSBC is similar to the separatist insurgent group Liberation Tigers of Tamil Eelam (LTTE) who are protesting against the world bank and international monetary fund demanding those institutions should stop giving loans to Sri Lanka. Like those leaders the LTTE demonstrated in front of the IMF and World Bank , he said.

Ranil Wickremesinghe has stated that the government is using those funds for other purposes than stated publicly. But the Central Bank says the money is being used for the country’s infrastructure development.

The UNP started a campaign against the HSBC as a part of a campaign to oust the government of President Mahinda Rajapaksa which has been only in power for only two years.

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