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HSBC chief Stuart Gulliver facing second MP grilling

HSBC chief executive Stuart Gulliver is to face MPs for a second time over allegations bank staff aided tax evasion between 2005 and 2007.

Gulliver will now face the Public Accounts Committee, chaired by Margaret Hodge, alongside former HSBC group general manager and global private banking chief executive Chris Meares. 

BBC Trust chairwoman and HSBC non-executive director Rona Fairhead, who led the bank’s audit committee at the time of the failures, has also been called to the session, but has yet to confirm attendance.

Gulliver and HSBC group chairman Douglas Flint were called to the Treasury Committee on 25 February and took the opportunity to blame local managers of its Swiss private bank for failures in controls.

Flint said: “Most accountable, I think are the management in Switzerland. It’s very difficult for people outside of Switzerland to get access to the detailed account information.

“The most culpable people are the relationship managers who did what they did.”

The meeting will represent the Public Accounts Committee’s second session on the HSBC scandal, after HMRC officials told MPs in mid-February they would be meeting with law enforcement bodies over expanding the probe.

The tax authorities later confirmed reaching a deal with French authorities to share tax dodging data.



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There is one comment at the moment, we would love to hear your opinion too.

  1. This time around could one of the MPs ask him some simple questions with a yes or no answer or simple answers?

    Did you know that tax evasion was going on within your bank?

    If so when did you know?

    How many money-laundering reports did the bank submit over the last five years? Individual and Cumulative?

    How many people working within the bank have been fired or referred to the police for breaches of money laundering regulations? After all it’s a large organisation and you would expect to see some.

    Did you know that anybody involved at HSBC with regards to helping a person to commit tax evasion is committing an offence?

    Did you know that you have personal responsibility for making sure the culture within the bank satisfies money-laundering regulations?

    Last time you appeared in front of the MPs you seem to indicate that banking worked on collective responsibility rather than individual basis, would you agree that in respects to money-laundering this is incorrect?

    Should you resign?

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