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    UK-Based HSBC Bank CEO Found Hiding $7.6Mln in Overseas Funds - Reports

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    The UK-based HSBC bank's chief executive Stuart Gulliver was found to have stashed $7.6 million in offshore finances through a Swiss private bank, the Guardian reported Monday.

    MOSCOW (Sputnik) — Earlier this month, leaked documents revealed that more than 100,000 of HSBC's clients, including international criminals, concealed under the bank's advice over $120 billion in finances and assets in its Swiss subsidiary. The data was stolen by a computer expert who worked for HSBC's Geneva office in 2007.

    The publication's latest disclosures showed Gulliver as the beneficial owner of Panama-registered Worcester Equities, which in 2007 had a balance of $7.6 million.

    Though HSBC declined to comment on the story, Gulliver's legal representatives were quoted as saying that Gulliver "followed this procedure, because he wanted his taxed bonus earnings to remain private from his then colleagues in Hong Kong."

    The lawyers, however, declined to answer why the chief executive's finances were held in a company registered in Panama.

    Last Sunday, Gulliver and HSBC issued an apology letter, which also sought to "provide some reassurance" that the Swiss subsidiary bank has been "completely overhauled."

    "We must show we understand that the societies we serve expect more from us. We therefore offer our sincerest apologies," the letter read.

    In response to The Guardian's revelations, HSBC said that in the the number of accounts in its Swiss bank dropped threefold in the last seven years, and the bank is cooperating with authorities investigating tax evasion.

    However, the bank added that providing client data to foreign authorities is a criminal offense under Swiss laws, despite its intent to help the investigation.

    HSBC is the world's second-largest bank and is headquartered in London. It has an international network of 6,200 offices in 74 countries, serving around 52 million customers.

    HSBC has previously been charged with violating US sanction laws and laundering money to Mexican drug cartels. The issue was resolved in a landmark civil settlement in 2012.

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