13206
French Prosecutor Calls for HSBC Trial
World Economy

French Prosecutor Calls for HSBC Trial

The French financial prosecutor’s office has demanded that HSBC’s Swiss private bank face a criminal trial for tax evasion.
The request follows an investigation by local magistrates into alleged tax fraud involving 3,000 French taxpayers, BBC reported.
“This is a normal step in the judicial procedure and the outcome of the matter is not determined as of today,” HSBC said in a statement.
Parent company HSBC also faces a separate, ongoing French investigation.
HSBC’s Swiss private bank has one month to respond, after which French magistrates will decide whether or not to hold a trial.
The French newspaper Le Monde reported that HSBC turned down a €1.5m ($1.6m) settlement offer.

  Global Investigations
HSBC faces 10 separate investigations around the world for allegations that it helped wealthy clients avoid paying millions in taxes to governments in the UK, the US, Argentina, France, and elsewhere.
The tax evasion came to light as a result of a whistleblower, Herve Falciani, who leaked documents regarding the scheme to the UK’s tax authority (HMRC) in 2010.
However, the allegations regarding tax evasion were not made public until February, when many international news organisations - including the BBC - published parts of the documents.
HSBC has since apologized for operations at the Swiss bank, and has said that it has reformed the way it conducts business.

 

Short URL : http://goo.gl/Y6c08E

You can also read ...

While the tariff conflict may still be in its infancy,  global trade growth rate has almost halved.
The global economy will continue to expand strongly in the...
Imran Khan Says Economic Revival a Priority
Pakistan Prime Minister Imran Khan on Thursday said that the...
Poland to Maintain Solid Growth
Polish economy’s all significant macro fundamentals appear...
Zimbabwe is in arrears of nearly $1.8 billion  to the World Bank and ADB .
The International Monetary Fund Thursday said it was ready to...
Global Stocks Hit 6-Month High
World shares hit their highest levels in more than six months...
King Khaled International Airport
Saudi Aramco may have grabbed the biggest headlines, but the...
Wells Fargo Will Cut Workforce
Wells Fargo & Co said on Thursday it would reduce its...
Premier Li Keqiang has  voiced confidence in China’s ability to overcome obstacles.
Chinese officials are shrugging off warnings that the trade...

Trending

Googleplus