to times but that we re not. supposed to. oh so incredible. this hearing in front of the treasury select committee of the british parliament gave rise to an article in the guardian the daily accused stuart gulliver of having a secret seven million dollar account at h.s.b.c. switzerland under the name of a panamanian company shopped off on them i found out about it by reading the article in the papers like everyone else i contacted the president we expressed our concern about these accusations being made in the public domain. the board discussed it to our knowledge all necessary decisions would take us into board and i m sure i don t often broaden. after the article was published in the guardian interpol did ask the foundation in february twenty fifteen to dismiss stuart gulliver. but the c.e.o. of h.s.b.c. was not actually dismissed until eighteen months later after the research for this
of renault nissan and prince albert of monaco himself. trust and confidence stuart gulliver group chief executive of the british bank h.s.b.c. was an early member of the board of directors but both the bank ended c.e.o. came under allegations of tax evasion is why you felt the need as a whole called don t be so creative panamanian company first of all there was no tax advantage will was whatsoever to the panamanian company as a matter of fact there was no tax purpose to it it was a panamanian nominee and city historians are fairly good to criticise it purely to give me previously within my own company you do understand how this looks today. do i understand that it looks possibly to people and i understand it looks. and and it looks difficult on suggests the points of being of the reasons related
foundation in february twenty fifteen to dismiss stuart gulliver. but the c.e.o. of h.s.b.c. was not actually dismissed until eighteen months later after the research for this report was underway. or was then replaced by the man sitting next to him here douglas flint group chairman at the very same bank so that it could be chaos one it s a private entity that in itself has nothing to do with interpol yes it s the interpol foundation created to raise money for interpol but it s an independent entity. so the claim is that the interpol foundation is a fully independent entity in an ethics committee doesn t carry out its on member states in march twenty seventeen the united arab emirates gave the foundation fifty million euros that donation was roughly equivalent to the total contributions from
a deputy prime minister of the united arab emirates. can saying one former deputy prime minister of singapore. is more lebanese former minister carlos gone c.e.o. of renault nissan and prince albert of monaco himself. trust and confidence stuart gulliver group chief executive of the british bank h.s.b.c. was an early member of the board of directors but both the bank ended c.e.o. came under allegations of tax evasion is why you felt the need as a whole called don t be so and create panamanian company first of all there was no tax advantage of this whatsoever to the panamanian company as a matter of fact there was no tax but it was a panamanian nominee and city concerns are fairly well you have to criticise it surely to give me previously within my company you do understand how this looks today. do i understand that it looks puzzling to people and i
and north korea invade u.s. sanctions. remember, the bank admitted these crimes. what was the punishment? ceo stuart gulliver agreed to say he was sorry. in fact, he was profoundly sorry. the bank paid a find that amounted to half of its profits for three months. not only is he still ceo, but hsbc increased his salary to on $12 million. in 2016 goldman sachs admitted to defrauding its investors calls in them to lose billions of dollars. did any goldman bankers go to jail? no, they paid a fine and went to work. this is what the holder memo led to. instead of pressing criminal charges, they negotiate deferred prosecution agreements. basically the company acknowledges wrongdoing pays a find and pledges to improve