Lam says he understands why HSBC effectively ‘toed the party line’ last month when its top executive in Asia came out in support of China’s new national security law, though he doesn’t agree with the move. He said China’s massive leverage can make companies “give up their principles.”
(July 16): A former economist at HSBC Holdings Plc plans to run for a seat in Hong Kong’s legislature, vowing to stand up for the financial services sector against growing influence from China.
“Banks, businesses and finance professionals should not have to operate or work in a climate of fear or be coerced into making political statements,” Kelvin Lam Ho-por wrote in a statement announcing his candidacy for the September vote. “Toeing the party line is the last thing the financial industry needs.”
