Home > Economy > Ex-HSBC Swiss Banker Pleads Guilty in $1.8 Billion French Tax Case | ICIJ

Ex-HSBC Swiss Banker Pleads Guilty in $1.8 Billion French Tax Case | ICIJ

The former head of banking giant HSBC’s private Swiss unit has pleaded guilty in France to helping wealthy clients hide $1.8 billion.

Peter Braunwalder, who led HSBC Private Bank (Switzerland) from 2000 until his retirement in 2008, was fined $560,000 and received a one-year suspended sentence, according to reports by Bloomberg and AFP.

Braunwalder’s guilty plea comes one year after HSBC agreed to pay France $353 million to settle allegations as part of the same tax-dodging investigation.

In a separate case this week, the HSBC’s Swiss unit agreed to pay $329 million in Belgium to settle a criminal probe involving similar accusations as the bank faced in France. The settlement requires court approval before proceeding, according to a report by Bloomberg.

Source: Ex-HSBC Swiss Banker Pleads Guilty in $1.8 Billion French Tax Case – International Consortium of Investigative Journalists

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