HSBC files: bank chief Stuart Gulliver holds secret Swiss account
CEO drawn into tax scandal as calls grow to prosecute HSBC for ‘cheating’ the British tax system
HSBC’s chief executive Stuart Gulliver sheltered millions of pounds in bonuses in a Swiss bank account, leaked documents have revealed.
The 55-year old Oxford graduate has £5m in the account, which he controls using an anonymous company registered in Panama, according to The Guardian.
Despite being based in the UK, Gulliver is domiciled in Hong Kong for legal and tax reasons. This non-domiciled status “can confer several tax advantages on those who claim the status compared with those domiciled in the UK,” the newspaper reports.
HSBC has confirmed that Gulliver uses the account to hold his bonuses, but insists that he has paid all relevant income tax in the UK and Hong Kong. It said the account was set up in the name of a Panamanian company for privacy reasons.
The report “does not suggest any wrongdoing on Mr Gulliver’s behalf,” says the BBC, “but it will add to the questions over HSBC’s activities in the tax advisory business.”
Source: THE WEEK – HSBC files: bank chief Stuart Gulliver holds secret Swiss account