€300 Million Euro settlement with the French financial prosecutor’s office.
The French prosecution and HSBC reached a joint deal to settle a controversial tax evasion scheme exposed from a 2007 leak. This is set out to be the first deal under the newly issued rules in France, whereby companies are allowed to settle without any finding of guilt.
The news comes as the settlement amount reaches €300 Million Euros with the French financial prosecutor’s office. Nevertheless, two executives, Mr. Peter Braunwalder and Judah Elmaleh are currently under investigation and could face legal actions.