LONDON (Alliance News) - UK Business Secretary Vince Cable has raised doubts over HSBC Holdings PLC's claims to have cleaned up its act after allegations over activities in Switzerland in 2005 to 2007 that helped wealthy customers dodge taxes and hide assets, according to a Financial Times report on Tuesday.
The concerns were raised in a letter to HSBC Chairman Douglas Flint, the FT reported.
"I have been particularly troubled at suggestions that some elements of these practices may have continued much more recently, notably the allegations of your private bank?s former head of compliance in Luxembourg," Cable wrote in the letter, according to the FT.
http://www.ft.com/cms/s/0/ca948402-b0fb-11e4-831b-00144feab7de.html?siteedition=uk#slide0
HSBC shares were down 2.2% at 597.20 pence early Tuesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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HSBC Holdings (HSBA)