Kenneth Rijock

Kenneth Rijock

Wednesday, August 28, 2019

HSBC SWISS PRIVATE BANK OFFICER WAS CLEARED; DID HE ASSIST IN SECURING HIS SUPERIOR'S GUILTY PLEA ?



Judah Elmaleh, formerly a senior executive at HSBC Holdings PLC, the Swiss Private Bank, was cleared of assisting wealthy clients hide assets from the French taxman. He had been under criminal investigation for three years; The bank's office is in Geneva.

Judges assigned to the case decided not to file criminal charges back in January, in a unreported ruling, most likely not to alert HSBC Holdings head Peter Braunwalder. who later pled guilty. The CEO assisted French nationals hide assets, evade taxes, and move wealth to Switzerland. He was given a one-year suspended sentence, and fined €500,000.

It is not known whether Elmaleh assisted in the prosecution of Braunwalder. The case, which involved €1.6bn held by wealth French businessmen, cost HSBC a €300m fine.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.