hsbc to pay 300 mn euros to avoid french tax fraud trial
Last Updated : GMT 05:21:58
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 05:21:58
Arab Today, arab today

HSBC to pay 300 mn euros to avoid French tax fraud trial

Arab Today, arab today

Arab Today, arab today HSBC to pay 300 mn euros to avoid French tax fraud trial

HSBC Private Bank
Paris - Arab Today

HSBC Private Bank, a Swiss unit of banking giant HSBC, has agreed to pay 300 million euros ($352 million) to avoid going to trial in France for enabling tax fraud, prosecutors said Tuesday.

HSBC was accused last year of helping French clients to hide at least 1.67 billion euros from the tax authorities, according to a source close to the probe.

The deal struck between the financial crime prosecutor's office and the bank is a first in France under a new procedure that allows companies under suspicion of corruption or dissimulation of tax fraud to negotiate a fine to stop a case from going to trial.

The deal does not include a guilty plea and French prosecutors have now dropped the case against HSBC Holdings.

Investigators believe that HSBC's 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 at first 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.

The probe named the former chief executive of the bank's Swiss private banking arm, Peter Braunwalder, and another executive, Judah Elmaleh.

The case began when French authorities in late 2008 received files stolen by Herve Falciani, a former HSBC employee, whose disclosures sparked the so-called "Swissleaks" scandal on bank-supported tax evasion.

The French-Italian national -- dubbed by some media as "The Edward Snowden of banking" -- leaked a cache of documents allegedly indicating that HSBC helped more than 120,000 clients of a number of nationalities to hide 180.6 billion euros from tax authorities between November 2006 and March 2007.

He was sentenced in absentia in November in Switzerland to five years in prison. The leaked files led to investigations by tax authorities in several European countries including, in addition to France, Spain and Belgium.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

hsbc to pay 300 mn euros to avoid french tax fraud trial hsbc to pay 300 mn euros to avoid french tax fraud trial

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

hsbc to pay 300 mn euros to avoid french tax fraud trial hsbc to pay 300 mn euros to avoid french tax fraud trial

 



Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today For the Variety of Interior Design Styles

GMT 11:14 2017 Tuesday ,19 December

For the Variety of Interior Design Styles

GMT 19:14 2016 Friday ,09 September

Macedonia's GDP up by 2.2% in Q2

GMT 20:33 2016 Thursday ,29 December

Minister meets AL chief on suicide conference

GMT 21:34 2017 Monday ,29 May

Kenya unveils first new railway in a century

GMT 15:06 2017 Tuesday ,17 January

Dar Al Ber initiates ‘Barq of Giving’ service

GMT 11:10 2016 Monday ,05 December

New swimming stars seek to shine

GMT 15:29 2016 Saturday ,17 September

UN Chief Condemns Netanyahu's 'Ethnic Cleansing' Remark

GMT 09:40 2015 Thursday ,19 March

Yahoo shutting office, cutting jobs in China

GMT 14:53 2017 Wednesday ,27 December

UAE, Kuwait to meet tomorrow at 23rd Arabian Gulf Cup

GMT 17:52 2016 Friday ,09 September

Donald Trump: the (Russian) people’s choice

GMT 04:24 2017 Thursday ,13 July

JLo back with ex Marc Anthony

GMT 14:34 2017 Wednesday ,11 January

Egypt’s cost-of-living soars as currency dives

GMT 01:28 2016 Saturday ,26 November

King of Bahrain receives Abdullah bin Zayed, GCC FMs

GMT 18:14 2016 Wednesday ,30 November

Mosul campaign going according to plan

GMT 11:29 2016 Saturday ,17 September

All Blacks crush Springboks in six-try rout

GMT 19:26 2017 Wednesday ,12 April

Sheikh Tamim bin Hamad Al-Thani Arrives in Pretoria

GMT 20:16 2017 Monday ,20 February

SDF retake 2 more villages eastern Riqqa

GMT 14:29 2016 Friday ,18 November

Bahrain Press headlines
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday