French Prosecutor Says HSBC Should Face Criminal Trials

  • The office of the French financial prosecutor has demanded that HSBC’s Swiss private bank should face criminal trial for evasion of tax. The request was made as a part of an investigation undertaken by local magistrates in the alleged tax scam which involves 3,000 French taxpayers. HSBC’s Swiss private bank has been given a month’s time to respond, after which the French magistrates will decide whether to hold a trial or not. HSBC is globally facing 10 separate investigations globally for allegations that it helped the wealthy people to avoid paying million of taxes to their respective governments in the US, UK, France and other countries.