9th Mar 2015 16:42
LONDON (Alliance News) - HSBC Holdings PLC Chief Executive said he is the right person to lead the bank as he was questioned by UK lawmakers on Monday over alleged tax evasion of clients of its Swiss private banking unit, Reuters reported.
Giving evidence to the Public Accounts Committee, Gulliver said the bank had suffered damage to its reputation due to revelations about his own tax arrangements, in documents leaked to media, according to the BBC.
Gulliver said the arrangements, which involved use of a Panamanian shell, were not used for tax purposes.
The chief executive has been restructuring HSBC, cutting back in unprofitable markets and aiming to make it a simpler organisation.
Earlier on Monday, Sky News said that Argentina has upped the pressure on HSBC to repatriate USD3.5 billion of cash allegedly moved to HSBC's Swiss provided bank.
http://uk.reuters.com/article/2015/03/09/uk-hsbc-tax-politics-idUKKBN0M51ME20150309
http://www.bbc.co.uk/news/business-31799405
http://news.sky.com/story/1441529/hsbc-tax-scandal-argentina-wants-3-5bn
HSBC shares closed down 0.3% at 566.50 pence on Monday.
By Samuel Agini; [email protected]; @samuelagini
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