More than a dozen Hong Kong people protested outside the HSBC headquarters in London on Dec. 12 to protest against HSBC, one of the trustees of the Mandatory Provident Fund (MPF), for withholding substantial MPF savings belonging to overseas Hongkongers and demanded the return of the funds.
The protest was organized by the “MPF Access Alliance,” consisting of individuals with British National Overseas (BNO) visas. They protested outside the HSBC headquarters in Canary Wharf, London. Protesters chanted, “Release our retirement savings now, we want our money back, fight for freedom, stand with Hong Kong,” and other slogans.
Atito, a protester who works in the IT industry, said that the Hong Kong government’s behavior of not allowing BNO visa holders to withdraw their MPF is pure barbarism. He has contributed to different MPF trustees, including HSBC, for ten years, and without consolidating any of them. Although he did not pay much attention to the actual contributions to MPF to date, he believes it should be a six-digit figure. He said that if he could not get his contributions back, he feared it could all go down the drain forever.
Atitl likened HSBC Hong Kong to an “independent kingdom.
“The British government has put so much pressure on it, and the parliament has asked HSBC representatives to come for testimony, but there is still no response. So, everyone should already fear in their heart what the most likely fate it will be.” Atito believes that mainland China’s huge holdings of HSBC’s stocks, and bonds, among others, will affect HSBC’s decision. Despite this, Atito still chose to stand up and protest. He said, “You have to let them know our stance.”
Rogers: UK Government Should Keep Up the Pressure
Benedict Rogers, co-founder and Chief Executive of Hong Kong Watch, was also present to offer his support. He said that all MPF trustees and the Hong Kong government have no legitimate reasons to withhold MPF funds from BNO visa holders.In an interview with the Epoch Times, Mr. Rogers criticized the British government for not doing more on the issue. He pointed out that although Anne-Marie Trevelyan, the British Minister of State for Foreign, Commonwealth and Development Office (Indo-Pacific), had asked Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui Ching-yu, during the latter’s visit to the UK in April 2022, that the Hong Kong government should allow BNO Hong Kong residents to withdraw their MPF savings, he believed that the British government should exert more pressure on the Hong Kong government and MPF trustees. At the very least, it should repeatedly remind HSBC’s London headquarters of its position and meet with its senior staff.
He added that with HSBC being a private company, he is not sure what other measures can be put against it but believes that the British government should exert maximum pressure.
One Successful Retriever Came to the Protest to Speak Up for Others
A participant nicknamed Uncle Leo said that he retired early in Hong Kong and took back his full MPF contributions because he was over 60 years old. But he still came to support and “stand up and speak out for friends who have no time to come today.”When asked about what the chances of success are, he replied, “If you don’t persevere, you will definitely not succeed.” He criticized HSBC’s behavior as “despicable.” It had previously frozen the account of former lawmaker Ted Hui Chi-fung, who has been exiled overseas, and now it is not allowing Hong Kong residents who have emigrated to the UK to retrieve their MPF funds.
British Parliament Accuses HSBC of Encouraging Human Rights Abuses
The All-Party Parliamentary Group on Hong Kong in the UK Parliament issued an investigation report in February 2023, criticizing HSBC for preventing Hong Kong emigrants from getting their MPF contributions back and not allowing them to start a new life in the UK. This is supporting human rights violations and supporting the CCP’s act of economic isolation of these people.At the time, Alistair Carmichael, MP, House of Commons, of the Liberal Democratic Party, said that the British government must take action. Now, HSBC is unfairly denying customers access to their savings, which affects citizens’ rights to use their personal assets.
HSBC’s response at the time was that it only had to comply with local laws and instructions from regulators.
‘Hong Kong Watch’ Met British MPs at the Beginning of the Month
Several representatives of the MPF Access Alliance participated in a seminar organized by “Hong Kong Watch” in the British Parliament on Dec. 5 and met with MPs from across different parties, including Alicia Kearns, a member of the Conservative Party and chair of the Foreign Affairs Select Committee; Catherine West, Labor MP and Shadow Minister of State for Asia and the Pacific, and Sarah Olney of the Liberal Democrats. In the meeting, they discussed how to assist BNO Hongkongers in regaining their MPF savings.Alliance members plan to continue meeting with the parliamentarians to explain the difficulties faced by Hongkongers in withdrawing their MPF funds, discuss the role of UK trustees, and explore how the MPs can assist Hongkongers emigrating to the UK.
Research: About HK$21.5 Billion (US$2.8 Billion) in MPF Funds Withheld
In response to the introduction of the BNO (5 +1) visa program in January 2021, the Ministry of Foreign Affairs of the CCP unilaterally announced that it would no longer recognize BNO status. As a result, the Hong Kong authorities, therefore, do not accept BNO passports or their related visas as proof for early withdrawal of MPF funds.“Hong Kong Watch” published a research report in April 2023, stating that Hong Kong’s mandatory provident fund savings totaled HK$1.05 trillion (US$135 billion) in 2022, involving 4.69 million contributors, which means that each person has an average savings of HK$224,000 (US$28,700). As of the end of December 2022, a total of about 160,000 Hong Kong people have left for the UK through the BNO visa program, and it is estimated that 60 percent of them have MPF contributions. From this, it is estimated that a total of about HK$21.5 billion (US$2.8 billion) in MPF funds has been withheld from them.
In addition to the United Kingdom, Hong Kong people emigrating to the United States and Canada also face similar problems.
U.S. Congress Concerned, Recommends Sanctions Against Relevant Individuals
The U.S.-China Economic and Security Review Commission (USCC) of the U.S. Congress issued an annual report in November, recommending that the U.S. Congress include in the annual report under the Hong Kong Autonomy Act the restriction exercised by the Hong Kong government in preventing overseas Hong Kong residents from using their financial resources in Hong Kong. The U.S. government should then sanction individuals involved in restricting the freedom of emigration under the authority of the Hong Kong Autonomy Act.At the same time, the U.S. Congress may also consider taking action to prevent U.S. financial institutions involved in managing the funds of Hong Kong people from violating the freedom of emigration and withholding their lawful pension funds at the request of the Hong Kong government.
Concerns from Canadian MPs
The MPF Access Alliance also protested in front of the headquarters of Manulife in Toronto, Canada in November, demanding that Manulife, a Canadian company, return Hong Kong people’s MPF funds. According to an investigation by “Hong Kong Watch” in October, Canada’s Manulife and Sun Life have refused to allow thousands of Hong Kong people who emigrated to the UK on BNO visas to reclaim their MPF funds earlier, and the amount involved is expected to be CAD 1.5 billion (about HK$8.5 billion).On Nov. 23, Tom Kmiec, Canada’s Shadow Immigration Minister, and Vice Chairperson of the Parliamentary Special Committee on Canada-China Relations, hosted a roundtable discussion on the MPF issue for Hong Kong people in Parliament. Many Hongkongers and members of the parliament were present. Among them was Greg McLean, MP, who drafted a bill to hold a hearing before a parliamentary committee.
