Former HSBC chief in tax scandal

2015-02-10 00:00

LONDON — The chairperson of the UK parliament’s Public Accounts Committee says the former chief of HSBC must face serious questions after once-secret ­papers outlined how the bank helped the wealthy dodge taxes.

Margaret Hodge told the BBC yesterday that Stephen Green, HSBC’s former CEO, was either “asleep at the wheel, or he did know and he was therefore involved in dodgy tax practices”.

Hodge’s comments came after details of some 30 000 accounts with £78 billion of assets (R1,4 trillion) were analysed by the French daily Le Monde, the Guardian in Britain, the BBC and the Washington-based Consortium of Investigative Journalists.

The bank says in a statement that “these disclosures about historical business practices are a reminder that the old business model of Swiss private banking is no longer acceptable”.

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