HSBC Private Bank, a Swiss unit of banking giant HSBC, has agreed to pay €300m to avoid going to trial in France for enabling tax fraud, prosecutors said today.
HSBC was accused past year of helping French clients to hide at least €1.67 billion from the tax authorities, according to a source close to the probe.
The French financial prosecutor's office has dismissed the investigation.
Majedie Asset Management Ltd Modifies Its Position in Mosaic Company (MOS)
Ltd. now owns 4,668 shares of the company's stock worth $122,000 after buying an additional 2,720 shares during the period. YorkBridge Wealth Partners LLC grew its holdings in shares of Mosaic Company (The) by 13,636.4% during the 3rd quarter.
The deal does not include a guilty plea. The French-Italian dual citizen worked as a computer scientist at HSBC in Geneva and stole the data of some 15,000 clients in 2006 and 2007.
The bank has been investigated in several other countries, including Spain and Belgium, following the leak.
HSBC has admitted that the private Swiss bank made mistakes.
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