U.K. Urged to Probe HSBC, StanChart Over Gupta Links, FT Reports
- Gupta family embroiled in political scandal in South Africa
- U.K. Chancellor Hammond has contacted regulators, FT says
A sign hangs above the entrance to the headquarters of Standard Chartered Plc in London, U.K. on Tuesday, Nov. 3, 2015. Standard Chartered Plc dropped the most in more than three years after the lender said it plans to eliminate 17 percent of its workforce, scrap the dividend and tap investors for $5.1 billion as Chief Executive Officer Bill Winters seeks to restore profit growth.
Photographer: Chris Ratcliffe/BloombergThe U.K. has asked financial enforcement agencies to probe possible ties between HSBC Holdings Plc and Standard Chartered Plc to South Africa’s Gupta family, the Financial Times reported.
Chancellor of the Exchequer Philip Hammond said that he had passed on concerns from Peter Hain, a former Labour cabinet minister, that the London-based banks might have handled illicit funds linked to the family via Hong Kong and Dubai, the FT said.