HSBC to pay €300m to avoid French tax fraud trial

HSBC Holdings PLC (LON:HSBA) will pay €300mln to settle an investigation by French authorities into tax evasion by clients of its Swiss bank.

By signing Judicial Public Interest Agreement (CJIP), "the bank recognizes the existence of the facts against it and accepts their legal definition", it said.

"HSBC is pleased to resolve this legacy investigation which relates to conduct that took place many years ago", the bank said in a statement.

France's financial prosecutor said the settlement was connected to wrongdoing by the bank's Swiss unit, which helped French clients hide over €1.6 billion ($1.9 billion) of assets.

The fine had been fully provisioned, the lender added.

HSBC Private Bank had been indicted on November 18, 2014, for "selling, banking and financial illegal" and "money laundering aggravated tax fraud".

Two of its former leaders are, for their part, are criminally prosecuted.

The settlement is the first sign of a thaw by French prosecutors pursuing Swiss banks, including UBS, which is also involved in a years-long investigation for similar allegations.

Related News:



Most liked

The Case for and Against The Coca-Cola Company (KO)
TheStreet cut Coca-Cola European Partners PLC from a buy rating to a hold rating in a research note on Monday, December 5th. As of the end of the quarter Wells Fargo & Company/mn had bought a total of 20 shares growing its stake by 0.6%.

Trump's approval rating is near his personal low
President Trump's approval rating is on the rise, according to Rasmussen Reports' daily presidential tracking poll. But the same poll, conducted by Rasmussen Reports , shows 53 percent disapprove.

Haters gonna hate: Taylor Swift's 'Reputation' just cracked 1 million sales
In doing so, it became the fourth consecutive Swift album to sell over 1 million copies during its opening week. According to Hits Daily Double, the album is projected to debut with 1.30-1.34 million pure United States sales.

Gal Gadot has a message for 'misogynist sexists'
Sounds like Affleck likely will play Batman in Reeves film, but that could very well be his final chapter as the superhero. This is even more clear in its suggestion of a world without Affleck's Batman than his recent chat with Extra TV.

Exec Says Fox Sports, Televisa Paid Bribes At FIFA Trial
Forty-two people and entities have been charged in the case, of which 23 have pleaded guilty and two have been sentenced. Fox Sports did not immediately return a request for comment.

Apple Watch can detect sleep apnea and hypertension, study shows
Both the startup company and the UCSF collaborated to reveal that the said smartwatch could predict hypertension and sleep apnea. Thus, we wonder how the algorithm of Cardiogram could make a good guess without having to use an equipment.

FDA warns of 'deadly risks' of the herb kratom, citing 36 deaths
Around the same time in 2012, the FDA "first put kratom on import alert" FDA press officer Lyndsay Meyer told Business Insider. In some cases, kratom is mixed with opioids like oxycodone, the ingredient in OxyContin, according to the agency.

NY fines Credit Suisse $135 mn over forex manipulation
The investigation also found executives encouraged traders to engage in "front-running", or trading ahead of known client orders. In late September, the British bank HSBC agreed to pay $175 million to avoid prosecution.

Binge and Flush? Netflix Says 13 Million Users Watch in Public Bathrooms
One in two Indians claimed in the survey that a stranger started a conversation with them over the series/movie that they were watching.

Tesla accused of racial discrimination in lawsuit
According to Bloomberg , Vaughn referenced an email to employees from founder and chief executive Elon Musk in his complaint. The company is also facing lawsuits accusing it of discrimination against gay and older workers .

Jon Stewart reveals his thoughts on the Louis CK scandal
Stewart , who has been friends with Louis C.K. for over 30 years, said he hasn't spoken to the comedian since the fallout. He laughed off the question and answered, "So the Internet said Louis harassed women?" "I didn't see the tweets".

Growth Analysis of Callon Petroleum Company (CPE)
When investing in a volatile security, the risk of success is increased just as much as the risk of failure. (NYSE:CIT) shares. New York State Common Retirement Fund raised its position in shares of Callon Petroleum by 3.3% during the 3rd quarter.

Iraq Kurds say they respect federal court decision banning independence
In September, the KRG held a controversial referendum on Kurdish regional secession, a vote decried by Baghdad as illegitimate. The statement is seen as the latest efforts by KRG to start a dialogue with Baghdad that can lead to a peaceful breakaway.

EPS for Ctrip.Com International Ltd (ADR) (CTRP) Expected At $0.06
Finally, BidaskClub cut Ctrip.com global from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 12th. Calamos Advisors Llc increased Varian Medical Systems Inc (NYSE:VAR) stake by 7,297 shares to 37,295 valued at $3.85M in 2017Q2.

Activision Blizzard (ATVI) Stake Increased by Graticule Asia Macro Advisors LLC
Cornerstone Advisors Inc. raised its stake in shares of Activision Blizzard by 321.5% during the 3rd quarter. (NASDAQ: ATVI ). The New Jersey-based Honeywell Incorporated has invested 0.56% in Activision Blizzard, Inc . (NASDAQ:ATVI) for 41,058 shares.