Huawei accuses U.S. of overlooking HSBC misconduct to go after Chinese firm

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Focus on China: Burberry

By Karen Freifeld

(Reuters) – U.S. prosecutors overlooked apparent violations of U.S. sanctions against Iran by HSBC Holdings <HSBA.L> in exchange for the British bank’s cooperation with a government investigation of Huawei Technologies, lawyers for the Chinese telecoms giant said.

“The government agreed to overlook HSBC’s continued misconduct, electing not to punish the bank, prosecute its executives or even extend the monitorship,” Huawei’s lawyers wrote in a Feb. 10, 2020 letter filed in U.S. District Court in Brooklyn, New York. The letter was seen by Reuters on Tuesday.

In return, “HSBC agreed to cooperate with the government’s efforts to depict Huawei as the mastermind of HSBC’s sanctions violations and supply witnesses to the government’s…

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