Date
17 January 2017
Arlette Ricci will serve a three-year jail sentence, suspended for two years, and pay 1 million euro fine. Photo: AFP
Arlette Ricci will serve a three-year jail sentence, suspended for two years, and pay 1 million euro fine. Photo: AFP

Nina Ricci heiress found guilty in HSBC tax fraud trial

A Paris court has convicted the heiress of the Nina Ricci perfume and fashion business of tax fraud in a high-profile trial prompted by leaked HSBC documents.

Arlette Ricci, 73-year-old granddaughter of Nina Ricci, received a three-year jail sentence, suspended for two years, and was ordered to pay a 1 million euro (US$1.05 million) fine, Reuters reported Tuesday.

Ricci was tried on charges she hid more than US$22 million from the French tax authorities using accounts and offshore entities based in Panama.

HSBC’s Swiss subsidiary is itself being pursued by French magistrates who suspect it of large-scale tax fraud.

HSBC Holdings Plc. was ordered last week to post a 1 billion euro bail bond to cover possible fines, a move it described as legally groundless.

Authorities are investigating the so-called “Swissleaks” affair involving HSBC’s Swiss private bank unit, along with scores of wealthy individuals whose names appeared on lists of some 3,000 clients leaked to French authorities by a former HSBC employee.

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