AD leader shoots down German MEP colleague’s threat of anti-HSBC campaign

German MEP Sven Geigold has found no backing from the Maltese Greens on his self-declared crusade to force HSBC out of Malta.

Geigold, a Green MEP, told a British newspaper that unless Malta got serious about tackling money laundering, he would campaign for HSBC to leave the country.

HSBC has never featured in any of the meetings and reports of the European Parliament’s rule of law mission to Malta, of which Geigold is a member.

READ ALSO: German MEP wants HSBC to quit Malta over lax financial regulation

But the German MEP’s overzealous interest in punishing Malta has found no backing among Geigold’s fellow Greens in Malta.

Alternattiva Demokratika chairperson Carmel Cacopardo insisted Geigold’s intention to fight money laundering may be good but his method was “an exaggeration”.

“I completely disagree with what he said. By targeting HSBC he is being unfair to the whole country when the fight against money laundering should be taken to the authorities,” Cacopardo told MaltaToday.

A similar strong reaction came from Nationalist MEP Roberta Metsola, who sits on the same cross-party committee as Geigold in the European Parliament.

"I completely and categorically disagree with what Sven Giegold has said,” Metsola said when asked whether she endorsed the German MEP’s comments.

“If he thinks that action against money laundering and corruption means going after HSBC's legitimate operations in Malta he is grossly mistaken. All he will achieve is recklessly worrying the hundreds of hardworking, honest people at HSBC in Malta. It is scaremongering,” Metsola said.

The MEP insisted that she had always defended legitimate business in Malta. “This we did when the Socialist Party [in Europe] demanded Malta be labelled a tax haven. I will not hesitate to stand up again,” she added.

Geigold told the press that he would go after HSBC in Malta if the Maltese government failed to get tough on money laundering. HSBC is the only large international retail bank in Malta and it would be a blow for the financial services industry if it were to pack up and leave.

It is evident that Geigold’s only interest in targeting HSBC is to put pressure on the government by using the bank's unique status as leverage.

Metsola insisted that “hysteria and theatre” do not get anyone anywhere. Geigold’s theatrics do not help the fight against corruption and money laundering, she added.

“If Mr Giegold wants to make a difference he should focus on improving the situation and that is certainly not what he is doing now. I would hope that the European Greens and Alternativa Demokratika disassociate themselves from this,” she said.

Nationalist Party condemns "irresponsible" Giegold

The Nationalist Party has also condemned comments by MEP Sven Giegold that he would be carrying out a campaign for HSBC to leave Malta should the country not tackle money laundering seriously.

The party said that although its leader Adrian Delia had been harshly critical of the government after a European Banking Authority found irregularities within the FIAU, it could not place the blame for the government shortcomings on the private sector.

“It was irresponsible of MEP Giegold to put pressure on a private financial institution,” the PN said, “The party will stand close to HSBC and its 1,400 employees in Malta as they ensure with the greatest diligence and professionalism that Maltese and European regulations are applied in their entirety.”

“Giegold and his colleagues had better focus in the same direction as the Nationalist Party, which is increasing the pressure of the government. But this should not prejudice independent third parties due to the government behaviour, which persists in tolerating people close to it towards which there are very serious allegations of money-laundering and corruption,” it added.

An attack on Malta and its citizens - Miriam Dalli

Labour MEP Miriam Dalli said Giegold’s threat was “an attack on our country and its citizens”.

She said it was now clear that “certain MEPs” were after “crippling Malta and its economy”, and that Giegold was a member of a delegation that visited Malta to give a supposedly impartial analysis of the country.