HSBC SHARES SINK TO 25-YEAR LOW IN HK,STANCHART SAGS OVER DIRTY MONDY SCANDAL
HSBC and Standard Chartered’s Hong Kong shares dropped on Monday after media reports that they and other banks moved large sums of allegedly illicit funds over nearly two decades despite red flags about the origins of the money.
The revelations underscore challenges for regulatory and financial institutions trying to stop the flow of dirty money despite billions of dollars of investments and penalties imposed on banks in the past decade.
HSBC shares in Hong Kong fell as much as 4.4 percent to HK$29.60 (US$3.82) on Monday morning, the lowest since May 1995. The stock has now nearly halved since the start of the year.
StanChart dropped as much as 3.8 per cent to HK$35.80, the lowest since May 25 this year. The Hang Seng Index was down nearly 1 percent.