Date
20 October 2017
Stuart Gulliver is dealing with a tax evasion scandal involving HSBC's Swiss private banking division, of which he was reportedly a client. Photo: Bloomberg
Stuart Gulliver is dealing with a tax evasion scandal involving HSBC's Swiss private banking division, of which he was reportedly a client. Photo: Bloomberg

HSBC chief kept millions in Swiss account

HSBC chief executive Stuart Gulliver apparently eats his own cooking.

Gulliver, who has vowed to reform the scandal-hit bank, kept millions of US dollars in a Swiss account, the Guardian reported.

It is the latest in a stream of “Swissleaks” — allegations that have hit the reputation of the British banking giant.

The report said Gulliver, legally and for tax purposes a resident of Hong Kong, was a client of the Swiss private banking arm accused of helping wealthy clients evade tax.

He held about US$7.6 million in 2007 in a Swiss account in the name of Worcester Equities Inc., a Panama-registered company, the newspaper said Sunday.

Gulliver, who is based in London, was listed as the beneficial owner of the account, the report said.

His presentation of HSBC’s annual report Monday is expected to be overshadowed by the tax evasion scandal, which has prompted investigations of the bank by Britain’s financial watchdog and Swiss authorities, AFP reported.

A representative for Gulliver told the Guardian the chief executive had used a Swiss account to hold his bonus payments prior to 2003, when he moved from Hong Kong to London.

Gulliver’s lawyers said that Hong Kong tax had been paid on this income and that his Swiss accounts had been declared to British tax authorities.

British newspapers published a letter from Gulliver apologising for the Swiss division’s behaviour in full-page advertisements last week.

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CG/FL 

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