French financial prosecutor says HSBC must face criminal trialMarch 14, 2015 - 11:39 AMT PanARMENIAN.Net - The French financial prosecutor's office has demanded that HSBC's Swiss private bank face a criminal trial for tax evasion, according to BBC News. The request follows an investigation by local magistrates into alleged tax fraud involving 3,000 French taxpayers. "This is a normal step in the judicial procedure and the outcome of the matter is not determined as of today," HSBC said in a statement. Parent company HSBC also faces a separate, ongoing French investigation. HSBC's Swiss private bank has one month to respond, after which French magistrates will decide whether or not to hold a trial. The French newspaper Le Monde reported that HSBC turned down a €1.5mln ($1.6mln) settlement offer. HSBC faces 10 separate investigations around the world for allegations that it helped wealthy clients avoid paying millions in taxes to governments in the UK, the U.S., Argentina, France, and elsewhere. The tax evasion came to light as a result of a whistleblower, Herve Falciani, who leaked documents regarding the scheme to the UK's tax authority (HMRC) in 2010. However, the allegations regarding tax evasion were not made public until February, when many international news organizations - including the BBC - published parts of the documents. HSBC has since apologized for operations at the Swiss bank, and has said that it has reformed the way it conducts business. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia, Turkey discuss restoration of historic bridge The meeting took place on May 17 in Ashgabat on the sidelines of an international conference of ministers of culture. EU welcomes Armenia-Azerbaijan “progress” The EU has welcomed “progress” made in the framework of the Armenia-Azerbaijan border delimitation process. Belarus opposition leader slams Lukashenko for Karabakh trip Belarusian opposition politician Sviatlana Tsikhanouskaya has harshly criticized the visit of Lukashenko to Karabakh. Mkhitaryan raises arrest of former Karabakh leaders in Azerbaijan Inter Milan star Henrikh Mkhitaryan has shared a news story about the extension of the arrest of former Karabakh leaders. |