HSBC stocks plunge to 25-year low over dirty money scandal
The stock has now lost almost 50% since the start of the year
Stocks impacted: HSBC (HSBA), Standard Chartered (STAN)
HSBC extended losses to 25-year lows in Hong Kong on Monday amid the reports that the bank moved allegedly illicit funds over nearly two decades along with other banks including Standard Chartered. According to leaked documents, HSBC allowed the fraudulent transfer of $80 million into accounts based in Hong Kong between 2013 and 2014, despite being aware that the transaction was a scam. Also, China's state-run Global Times reported that HSBC could be a possible candidate for inclusion in the country's 'unreliable entity list' that targets foreign firms which violate Chinese laws or commit illegal acts. Amid allegations of money laundering, HSBC's share price in Hong Kong has fallen to its lowest level since 1995. The stock has now lost almost 50% since the start of the year. Standard Chartered shares also fell, losing over 3.5% in London.
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