HSBC Should Stand Trial In Tax Fraud Case: French Prosecutor

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."