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HSBC Closes Accounts Linked to South Africa’s Guptas Amid Review

JOHANNESBURG (Capital Markets in Africa) – HSBC Holdings Plc is shuttering accounts associated with the powerful Gupta family as it assesses its exposure to the scandal gripping South Africa. The bank is conducting a wide-ranging review of any possible involvement in suspicious transactions, with the assistance of external investigators, people with knowledge of the matter said. HSBC first closed accounts held by companies linked to the Gupta family in 2014 after internal compliance procedures picked up…

HSBC Said to Be Focus of Criminal Probe Sought by U.K. Lawmaker

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – HSBC Holdings Plc is the unnamed bank that is the focus of a senior British lawmaker’s demand for a criminal probe into a relationship with South Africa’s Gupta family, according to two people with knowledge of the allegations. Peter Hain, a Labour Party member of the House of Lords, asked the authorities to investigate a U.K. bank for “possible criminal complicity,” after it allegedly failed to take action on…

HSBC, Standard Chartered Face U.K. Probe Over Gupta Ties

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – United Kingdom regulators are looking into whether HSBC Holdings Plc and Standard Chartered Plc facilitated money-laundering as a result of possible ties to South Africa’s politically powerful Gupta family. The Financial Conduct Authority probe comes after Peter Hain, a member of the unelected House of Lords, wrote a letter raising concerns about the banks’ possible exposure to the Guptas. In the letter, Hain said allegedly illicit funds may have passed through the…

HSBC Sees Buying Opportunity in South Africa Amid Zuma Turmoil

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – While some stock investors may choose to flee South Africa as political turmoil engulfs President Jacob Zuma, HSBC analysts argue the noise around the embattled leader and his ruling party makes it a good time to buy. That’s because a pick-up in the South African economy and a favourable commodity price cycle as China, the biggest consumer of metals, avoids a hard landing are positive for the local market. In…