HSBC Should Stand Trial In Tax Fraud Case: French Prosecutor
Mohammad Ali (@ChaudhryMAli88) Published November 07, 2016 | 04:55 PM
PARIS, Nov 7 (APP - UrduPoint / Pakistan Point News - 07th Nov, 2016 ) : A French prosecutor has called for British banking giant HSBC to stand trial for enabling French clients to hide at least 1.67 billion Euros ($1.84 billion) from the taxman, a source close to the probe said Thursday.
The recommendation also Names the former chief executive of the bank's Swiss private banking arm, Peter Braunwalder, and another executive, Judah Elmaleh. If the case goes to trial, HSBC would face charges that its private banking division offered its customers several ways of hiding assets from the French taxman, notably via the use of offshore tax havens.
The banking giant was accused of failing in its supervisory role over its private banking division, but further investigation led to suspicions that HSBC "participated actively in the fraudulent practices", the source close to the investigation said.
An HSBC spokesman told AFP: "The conclusions of the national financial prosecutor are duly noted, and we will continue our strong defence of our interests."
Related Topics
Recent Stories
Pakistan marks World Press Freedom Day
High-level Saudi business delegation due on May 5
Stocks heat up as US labour market cools
President approves Tax Laws (Amendment) Bill 2024
Implementation of merit, justice to oppressed segments top priorities: CPO
Overseas Kashmir community delegation calls on AJK President, discusses latest s ..
Govt believes in freedom of press: Amir Muqam
Labour urges UK election after Tory losses
Health authorities asked for action against alleged illegal tenders at Services ..
Spain scraps national bullfighting prize sparking debate
Lahore High Court (LHC) Chief Justice Malik Shahzad Ahmad Khan visits Rawalpindi ..
ATC extends interim bail of PTI founder in 3 cases
More Stories From World
-
Football: German Bundesliga results
6 hours ago -
Auger-Aliassime in final as 'crazy' Madrid injury curse strikes again
6 hours ago -
Football: Italian Serie A result
6 hours ago -
Football: Italian Serie A table
6 hours ago -
Football: French Ligue 1 table
6 hours ago -
Bill May or may not make Olympic history in the pool
7 hours ago
-
USA include former Kiwi all-rounder in T20 World Cup squad
7 hours ago -
Canada arrests three over killing of Sikh activist: media
7 hours ago -
Football: French Ligue 1 results
7 hours ago -
'Get this done', WHO chief urges pandemic accord talks
7 hours ago -
Lakers fire head coach Ham after NBA playoff ouster
7 hours ago -
Tennis: ATP/WTA Madrid Open results - collated
8 hours ago