Suspected fraud shakes up HSBC Lanka unit’s top management

By Chandeepa Wettasinghe
Several management changes have taken place within the senior echelon of HSBC Sri Lanka, following investigations into possible fraudulent activities, Mirror Business learns.
“HSBC Sri Lanka has made important senior management changes following an internal investigation. We can’t comment on individuals but we can confirm a number of executives have left the bank as a result of this investigation,” an HSBC Spokesperson told Mirror Business yesterday.

Attempts by Mirror Business to reach a number of top HSBC officials over the matter failed over the past several days. The spokesperson did not respond to queries as to what exactly had transpired, how much of its clients’ finances or information were compromised, and if they were secured. “HSBC is committed to implementing and enforcing the highest standards of practice and professional standards of behaviour worldwide,” the spokesman said in response to a query on what systems within the bank had failed and if any steps are being taken to cover any gaps.

The Central Bank of Sri Lanka’s (CBSL) Bank Supervision Division had no knowledge of the situation earlier this week when information regarding it leaked out.
“We don’t know anything about that. We haven’t been informed about it as yet,” CBSL Bank Supervision Division Official, Maduka Epasinghe said.