As Hong Kong’s Chief Executive Leung Chun-ying denies he did anything wrong in receiving a $6.4 million payment as part of a noncompete agreement just before he took office, a banker’s comment that Mr. Leung will face calls to step down has drawn attention.
David Eldon–the former chairman of HSBC Holdings HSBA.LN 0.00% PLC’s Asia operation who is now nonexecutive chairman of HSBC’s Middle East unit—said on his blog: “Whatever the truth in this particular matter is, I am pretty sure that it will be blown up to the extent that, legal or not, C.Y. Leung will face calls to step down.”
Mr. Eldon said in his blogpost on Thursday titled “Hong Kong: The Light, the Dark and the Long Term” that such pressure could come from Hong Kong itself as well as from Beijing. Continue reading