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

Taylor Swift sets 'Reputation' tour dates
In doing so, it became the fourth consecutive Swift album to sell over 1 million copies during its opening week. She's barely uttered a word in public for 18 months , but Taylor Swift is still causing a ruckus on the charts.

Bharat-22 ETF opens today; government eyes Rs 8K crore
Divestment secretary Neeraj Gupta speaks to ET Now about the Bharat 22 ETF that opens for subscription on November 15. In this ETF, the Retirement Fund has been made separate category of investors", a finance ministry statement said.

'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.

Sun Pharma Q2 profit dives 59%, but beats estimates
US sales for the quarter fell 44 percent to $309 million while sales from India rose 11 percent. Domestic sales grew 11 per cent to Rs 2,221 crore.

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