According to Ai Weiwei Credit Suisse Bank Account In China Has Been Closed.
Key Sentence:
- Prominent Chinese dissident and artist Ai Weiwei said Credit Suisse had notified him.
- That his Swiss foundation's bank account was closed due to a "criminal record" in China.
Known for his architecture, sculptures, and documentaries, this activist has never been convicted of any crime. Ai, who left China in 2015 and now lives in Portugal, commented on the Artnet website. Credit Suisse told the it does not comment on customer relationships.
Contemporary artists designed the Bird's Nest Stadium for the 2008 Beijing Olympics but faced severe problems after speaking out against the Chinese government.
In an Artnet article, Mr. Ai wrote that he had received a "surprise message" from Credit Suisse in the spring of 2021. "The bank has informed me that my Swiss account will be terminated. They have done so. They are writing according to the new policy closing all accounts of people with criminal records. They believe (or pretend to judge?). are convicted of crimes in China.
"Just a little homework could show them that I was never formally charged, let alone convicted of a crime."
balancing effort
Western banks found themselves in a complex situation: they had to balance geopolitical concerns with their desire to attract the ever-growing, very wealthy Chinese clientele. Simon Baptist of the Economist Intelligence Unit told the that the "golden age" was over: "Companies can easily take advantage of the large and prosperous US market as well as the large and fast-growing market in China.
"Now both are actively pushing for incompatibility with other regulations to force companies to choose as far as businesses want to avoid them." Mr. Ai said he had seen similar actions by banks in Germany and Hong Kong: "You know, these banks are very arrogant." "Even if this decision is overturned, I don't want to contact a bank that has strange ties to China."