Black Money: HSBC India At Centre Of Fresh Tax Evasion Claims

By siliconindia | Monday, 16 February 2015, 11:42 Hrs

The whistleblower has said the UK government should have known about the scandal in 2010.

The UK’s Treasury Committee will conduct an inquiry into the claims.

The British bank has taken out advertisements this weekend apologising for past compliance failures and assuring customers that the bank had “no appetite to do business with clients who are evading their taxes”.

The advert reproduces an open letter signed by chief executive Stuart Gulliver, which says recent coverage had been “a painful experience”.

It reads: “The media focus has been on historical events that show the standards to which we operate today were not universally in place in our Swiss operations eight years ago.

“We must show we understand that the societies we serve expect more from us. We therefore offer our sincerest apologies.”

Yesterday, HSBC’s former chief executive and chairman Stephen Green, who was at the centre of the SwissLeaks tax scandal, stepped down from his role at finance lobby group TheCityUK.

Source: PTI