The government, with its institutions, belongs to the people who inhabit it. Whenever they shall grow weary of the existing government, they can exercise their constitutional right of amending it, or their revolutionary right to dismember or overthrow it.” — Abraham Lincoln
HSBC Group Chairman Douglas Flint and Group Chief Executive Stuart Gulliver
The HSBC group chief executive has told UK Members of Parliament that holding a Swiss bank account through a Panamanian company had “no tax purpose”.
Stuart Gulliver says the arrangement only reflected a desire for privacy from his colleagues at HSBC in Hong Kong.
He told MPs on the Treasury Committee: “There was no tax purpose to it.”
The chief executive and the chairman Douglas Flint were answering questions over a tax scandal at HSBC.
Mr Flint said he felt shame and would “take his share of responsibility” for Swiss private bank failings
Earlier this month it emerged that the Swiss unit of HSBC helped wealthy clients evade hundreds of millions of pounds’ worth of tax.