HSBC, Manulife decline comment after report that wanted activists barred from accessing pension funds
Hong Kong Free Press
Financial institutions HSBC and Manulife have declined to comment on a report that two overseas Hong Kong activists wanted under the security law, former lawmaker Ted Hui among them, were blocked from accessing their pension funds.
The Guardian reported on Monday that Hui and an unnamed activist have not been able to withdraw funds from their Mandatory Provident Fund (MPF). Hui’s account is managed by British bank HSBC, while the other activist’s is managed by Canadian firm Manulife.
In response to HKFP, HSBC and Manulife said they did not comment on individual cases and that the companies adhered to local legislation.
“We have to abide by the laws and regulations of the jurisdiction in which we operate,” a spokesperson from HSBC said.
Hui, who was a lawmaker for four years before resigning in protest with other pro-democracy legislators in 2020, is now based in Australia.
Hui is wanted under the national security law, with police offering HK$1 million for information leading to his arrest. He is suspected of colluding with foreign forces, inciting secession and inciting subversion. According to the Guardian, the second activist included in its report is also wanted under the security law.
Regarding the second activist, Manulife said: “We do not comment on individual cases. Manulife complies with all laws and regulations in the jurisdictions we operate in.”
The activist, who is said to have permanent residence in Australia, told the Guardian that he tried to withdraw his pension savings of over HK$600,000 last November. He said he was notified in March that he could not do so because his account was being investigated.
“The only reason to deny me is because of the national security law,” the activist, who said he had no other legal charges against him, told the Guardian.
MPF scheme members can ordinarily only withdraw contributions when they reach the age of 65. Those who can demonstrate that they have left the city permanently can withdraw their money early.
‘Permanent departures’
Beijing imposed a national security law in June 2020 following months of protests and unrest against a controversial extradition bill that would have allowed the transfer of criminal suspects to mainland China to stand trial.
Since then, scores of activists have left Hong Kong and settled abroad. To date, national security police have announced arrest warrants for 13 overseas activists.
Amid strict and long-lasting Covid-19 restrictions, the city also saw an emigration wave. While there are no official figures on permanent departures, a marked increase in withdrawals from MPF funds has been one indicator of an uptick in people leaving Hong Kong for good.
From 2017 to 2019, there was an average of around 14,000 MPF withdrawals yearly on grounds of permanent departure from Hong Kong, statistics from MPF authorities showed. From 2020 to 2023, the number of withdrawals averaged 95,600.
Among the top destinations for those leaving is the UK, which launched a British National (Overseas) visa immigration route in July 2020. Under the scheme, BNO passport holders and their dependents can apply for permanent residency after living in the UK for five years. After one more year, they can apply for British citizenship.
Hong Kong said in 2021 that it had stopped recognising the BNO passport. After that, MPF authorities said they “cannot rely on BN(O) passport or its associated visa as evidence in support of an application for early withdrawal of MPF.”
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