HSBC under criminal investigation
HSBC Holdings plc was informed that it has been placed under formal criminal investigation (‘mise en examen’) by the French magistrates in connection with the conduct of HSBC’s Swiss Private Bank in 2006 and 2007 for alleged tax-related offenses. A EUR1bn bail was imposed.
HSBC Holdings plc believes the French magistrates’ decision is without legal basis and the bail is unwarranted and excessive. It intends to appeal and will defend itself vigorously in any future proceedings.
Source: HSBC under criminal investigation
