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HSBC Swiss Subsidiary Faces Tax Fraud Trial in France

© REUTERS / Pierre AlbouyA HSBC logo is pictured at a Swiss branch of the bank, in Geneva February 9, 2015
A HSBC logo is pictured at a Swiss branch of the bank, in Geneva February 9, 2015 - Sputnik International
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French prosecutors call for the Hongkong and Shanghai Banking Corporation (HSBC) to be tried for providing help in tax evasion in France through its Swiss subsidiary.

MOSCOW (Sputnik) — Should French magistrates decide to pursue the case, it would be built on the information obtained from the files stolen by Herve Falciani, a former HSBC employee, in 2006-2008, The Guardian newspaper reported.

"We take note of the recommendation of the procureur de la République financier in France and will continue to defend ourselves vigorously," HSBC said in a press release commenting on the move, as quoted by the newspaper.

Workers are seen beside a logo of Swiss bank UBS in Zurich - Sputnik International
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Falciani is said to have been copying data from his employer between 2006 and 2008, making it available to third parties between 2008 and 2014. Private companies, as well as public organizations, obtained the data during that period.

Data gathered by Falciani reportedly contained mainly account details of individuals using Swiss banks to avoid taxes.

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