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Argentina's tax chief said Monday that the country demands HSBC Holding PLC to repatriate 3.5 billion U.S. dollars as the bank's Argentine branch moved offshore to help clients evade taxes and move capital abroad.
Ricardo Echegaray, head of the Argentinian tax authority, said in London on Monday that HSBC's actions threatened the stability of the Argentine government.
"HSBC built a platform to help clients evade tax," said Echegary in a press briefing at London's Argentine embassy. "We expect the repatriation of funds by HSBC Holdings PLC, that to our knowledge amount to 3.5 billion U.S. dollars."
Last November, Argentina charged HSBC of helping more than 4, 000 clients evade taxes by stashing their money in secret Swiss bank accounts. However, HSBC denied the charge, saying it respected Argentine law.
A statement released by the bank said it has been cooperating fully with Argentine regulators, including AFIP (the tax authority) and the judiciary, since allegations were first made public last year.
Britain's largest bank is facing several allegations about helping its clients evade taxes.
On the same day, the bank's group chief executive Stuart Gulliver, the former head of its private banking division Chris Meares and current non-executive director Rona Fairhead attended a hearing of tax evasion in London.
International Consortium of Investigative Journalists, a Washington-based publication, reported HSBC's Swiss unit handled accounts for tax evaders and criminals during the period from 2005 to 2007.
During Monday's hearing, HSBC executives were accused by British MPs of incompetence for saying they were unaware of tax evasion activities in their Swiss private bank.
However, Gulliver insisted he was fit to stay on as head of HSBC. "I would like the chance to finish what I've started," he said.
He also admitted that his personal financial arrangements had damaged the bank's reputation.
In February, Gulliver was reported as the beneficial owner of an account of HSBC Suisse in a company registered in Panama.
