Former HSBC banker cleared in €1.6bn tax fraud case

Pedro Gonçalves
clock • 1 min read

A former executive from HSBC's private Swiss bank has been cleared from helping clients hide assets worth at least €1.6bn, three years after French authorities charged him. Judah Elmaleh, the former head of the bank's Mediterranean-Israel department, had been charged  over allegations he approached French residents to encourage them to move funds to Switzerland and helped clients evade taxes, but Paris judges decided the case should be dropped.  At the same time as Elmaleh was cleared, the chief executive officer of HSBC's Swiss private bank pleaded guilty to similar charges and was f...

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