Is one of the largest banks in the world secretively -- or even unwittingly -- giving the Tories a critical financial advantage? Here's what we know:
HSBC is a British multinational banking and financial services company headquartered in London. It is the world's sixth-largest bank, and the largest in Europe with total assets of US$2.374 trillion (as of December 2016).
During its annual meeting on 28 April, serious allegations were made that HSBC was providing large loans to help bail out a company led by a former treasurer of the Conservative Party who is also the current Chair of the Conservative Party Foundation.
According to the allegation, more than 200 million pounds was loaned to the failing business, starting in late 2008. Even though the company was in financial distress, the allegation suggests in excess of five million pounds of the HSBC loans were funneled to Conservative Party Headquarters.
It's a serious allegation, particularly in light of the current general election campaign.
The Electoral Commission must investigate the allegation, and either conclude there is no factual basis for it or, if found to be true, recommend appropriate action.
We need to know if any electoral law has been broken -- and what is The Electoral Commission policy on bank loans to financially distressed businesses being laundered for political purposes.
Demand an immediate and full investigation by The Electoral Commission into this serious allegation.
