In November of last year, global banking conglomerate HSBC and one of Sarawak’s oldest banks resolved to close down their commercial banking business in the state.
The bank gave an unconvincing explanation for the shutdown – there was not enough business to carry on in Sarawak!
This is in spite of all the billions of investment in the Sarawak Corridor for Renewable Energy (SCORE) pumped in by Taib Mahmud’s lavish public borrowing – when he was still the Chief Minister.
A public outcry ensued and there were howls of protests by bank employees and the Sarawak Bank Employees Union. Still, these displays of unhappiness did not amount to anything.
Did they think the bank care about the livelihoods of these locals? FYI, the payouts were pitiful. According to the Borneo Post, it was only 1.4 times the monthly salary, irrespective of the number of years the staff worked for the bank.
[The first batch of employees will leave by end-April 2014 and the second and final batch by end of September 2014].
In fact, online investigative portal Sarawak Report had disclosed on April 25, 2014 of HSBC’s decision not to do business with Taib and his clan.
The truth of the matter is that HSBC have been facing severe and uncomfortable exposure over their embarrassing associations with the dirty potentates of East Malaysia and needed to take action.
A Global Witness report released last year already revealed how HSBC bankrolled many crony deals by Taib, which have destroyed the environment and violated native rights.
[Sarawak Report too exposed HSBC’s connections to the money laundering of illegal millions by Sabah Chief Minister Musa Aman].
Given the above, it seems that the bank are seeking to do ‘damage control’ and clean up their business in this part of the world. Hence, the contentious decisions.
But don’t be fooled by HSBC. They can’t stand the heat, so they got out of the kitchen. This is just a temporary lull. After all, they are well-known as a tainted entity, corrupted by corporate avarice.
A bevy of happy Sunway University students and their lecturer! This was a selfie my DMK1013 Tute 4 class took on Monday: