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HSBC's Swiss private bank: French prosecutor formally requests trial
Source: The Guardian
HSBC's Swiss private bank: French prosecutor formally requests trial
Angelique Chrisafis in Paris and Sean Farrell in London
Friday 13 March 2015 11.54 GMT
The French financial state prosecutor has requested that HSBC’s Swiss private bank be sent to criminal trial over a suspected tax-dodging scheme for wealthy customers.
The recommendation follows a lengthy investigation by local magistrates into alleged tax fraud involving 3,000 French taxpayers and is a procedural step that brings the Swiss banking arm one step closer to a possible trial in France.
The parent company HSBC, which faces a separate ongoing French investigation, said: “This is a normal step in the judicial procedure and the outcome of the matter is not determined as of today.”
The bank has one month to respond after which French magistrates will take the final decision on whether to hold a trial.
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Angelique Chrisafis in Paris and Sean Farrell in London
Friday 13 March 2015 11.54 GMT
The French financial state prosecutor has requested that HSBC’s Swiss private bank be sent to criminal trial over a suspected tax-dodging scheme for wealthy customers.
The recommendation follows a lengthy investigation by local magistrates into alleged tax fraud involving 3,000 French taxpayers and is a procedural step that brings the Swiss banking arm one step closer to a possible trial in France.
The parent company HSBC, which faces a separate ongoing French investigation, said: “This is a normal step in the judicial procedure and the outcome of the matter is not determined as of today.”
The bank has one month to respond after which French magistrates will take the final decision on whether to hold a trial.
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Read more: http://www.theguardian.com/business/2015/mar/13/hsbc-swiss-private-bank-criminal-trial-request-france
