Controversy
In November 2012 it was reported that HSBC had set up offshore accounts in Jersey for suspected drug-dealers and other criminals, and that HM Revenue & Customs had launched an investigation following a whistleblower leaking details of £700 million allegedly held in HSBC accounts in the Crown dependency .
In the report entitled "In the Future There Will Be No Forests Left" produced by Global Witness, the bank is also being accused of supporting 7 largest Malaysian timber conglomerates which are responsible for rapid deforestation in the Malaysian state of Sarawak without any FSC certifications. However, the bank declined to comment its clients on this issue, citing the confidentiality of its clients but the bank maintains that the accusations that its clients violates forestland and forest-products policy is not accurate.
Read more about this topic: HSBC
Famous quotes containing the word controversy:
“Ours was a highly activist administration, with a lot of controversy involved ... but I’m not sure that it would be inconsistent with my own political nature to do it differently if I had it to do all over again.”
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“And therefore, as when there is a controversy in an account, the parties must by their own accord, set up for right Reason, the Reason of some Arbitrator, or Judge, to whose sentence, they will both stand, or their controversy must either come to blows, or be undecided, for want of a right Reason constituted by Nature; so is it also in all debates of what kind soever.”
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