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HSBC HOLDINGS Faces Prelim Charges by French Prosecutors over Lebanon Central Bank Scandal
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French prosecutors filed preliminary charges against the Swiss private banking arm of HSBC HOLDINGS (00005.HK), alleging that the bank assisted former Lebanese central bank governor Riad Salameh in misappropriating funds. In France, the filing of preliminary charges means prosecutors believe there is sufficient evidence to refer the case to an investigating judge for a more in-depth probe. The judge will then decide whether to formally pursue the case. HSBC stated that it is unable to comment on legal matters. The investigation is ongoing and the bank will continue to cooperate with the authorities. HSBC disclosed last year that it was under investigation by Swiss and French law enforcement authorities over suspected money laundering activities, warning that the matter could have a material impact on the group, although it was unable to predict the specific consequences at that time. Shortly thereafter, its Swiss private banking unit terminated relationships with more than 1,000 wealthy Middle Eastern clients from countries including Saudi Arabia and Lebanon. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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