Former HSBC chief pleads guilty in $1.8 billion french tax case

Pedro Gonçalves
clock
Former HSBC chief pleads guilty in $1.8 billion french tax case

The former chief executive of the bank's Swiss private banking arm, Peter Braunwalder, pleaded guilty to helping wealthy clients hide assets worth at least $1.8bn as French prosecutors ramp up their fight against white-collar crime. The banking giant was accused of failing in its supervisory role over its private banking division, but further investigation led to suspicions that HSBC "participated actively in the fraudulent practices". Peter Braunwalder was fined €500,000 and given a on...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now

 

Already a International Investment member?

Login