‘Sincerest apologies’: HSBC CEO begins damage control after tax evasion leak
HSBC CEO Stuart Gulliver has issued a statement offering his “sincerest apologies” after the bank was accused of helping clients conceal their identities to avoid paying taxes on deposits. The apology was printed in British newspaper adverts.
The bank’s Swiss private banking arm has been accused of knowingly aiding thousands of individuals evade taxes and break other financial laws.
READ MORE: HSBC exposed in tax evasion data leak
“We have absolutely no appetite to do business with clients who are evading their taxes or who fail to meet our financial crime compliance standards,” Gulliver said.
HSBC scandal: Chancellor Osborne grilled by Business Secretary over govt inaction
George Osborne faces mounting pressure over the HSBC tax evasion scandal after Business Secretary Vince Cable demanded that the Chancellor disclose whether he was sufficiently vigilant when it came to inquiries into the bank’s disgraced Swiss arm. – Read more…