HSBC To Pay €300M To Settle French Tax Probe Into Swiss Arm

HSBC Holdings PLC said Tuesday that its Swiss private-banking unit will pay EUR300 million ($352 million) to resolve charges that it helped clients evade taxes in France.

However, HSBC Switzerland announced on Tuesday that the settlement did not mean that the bank was guilty. Under this agreement, the bank acknowledges "the existence of the alleged facts".

It also said that two former directors of HSBC's Swiss private bank remained subject to possible legal action.


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

The fine had been fully provisioned, the lender added. "The parent company UBS AG has finally been returned to the criminal court in march for money-laundering, aggravated fraud tax" and its French subsidiary for "aiding and abetting".

The settlement was the first in France under a new law passed previous year modeled on US deferred prosecution agreements. It may not therefore claim, according to the law, to the benefit of a CJIP.

Related:

Comments

Latest news

Lord & Taylor Announces to Sell Premium Fashion on Walmart
Walmart is delving deeper into the fashion world, and it all starts with an unexpected new partnership-with Lord & Taylor. For example, Macy's in 2015 said it would enter China with a virtual store on Alibaba and test demand in that market.

What Does The Data Behind The Coca-Cola Company (NYSE:KO) Suggest?
After $1.48 actual EPS reported by PepsiCo, Inc. for the previous quarter, Wall Street now forecasts -12.16% negative EPS growth. The stock of Coca-Cola European Partners plc Ordinary Shares (NYSE:CCE) earned "Hold" rating by Jefferies on Friday, July 14.

'One Tree Hill' team accuses creator Mark Schwahn of sexual harassment
And after Wauchope shared her claims, they felt compelled to "stand together in support of Audrey Wauchope and one another". Two days later, fearless women from the cast and crew of OTH published an open letter in Variety naming Mark as an abuser.

Credit Suisse Charged by New York State Department
The state said Credit Suisse predicted that the algorithm would generate about $2 million in profits in 2013. In late September, the British bank HSBC agreed to pay $175 million to avoid prosecution.

Gal Gadot has a message for 'misogynist sexists'
However not everyone agreed with Chastain's assessment of the superhero costume furore. 84% saw " Wonder Woman " on the big screen.

Other news