“We have ab­so­lutely no ap­petite to do busi­ness with cus­tomers that are evad­ing taxes.”

Finweek English Edition - - IN BRIEF -

− Stu­art Gul­liver, CEO of HSBC, on a con­fer­ence call with in­vestors. The bank has apol­o­gised for help­ing clients for years to hide their in­come in Swiss bank ac­counts to avoid pay­ing taxes. Gul­liver him­self held $7.7m (R89.7m) in a Swiss ac­count through a Pana­ma­nian com­pany un­til 2003, leaked doc­u­ments showed. He said that he paid the taxes, but hid the money so his col­leagues wouldn’t know the size of his bonus.

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