26 February 2015

Believe it if you like

Ah, the HSBC chief with the complicated banking arrangements.  The BBC reports:
Mr Gulliver, who has worked for HSBC for 35 years and became chief executive in 2011, told the committee that his personal holding of a Swiss bank account through a Panamanian company had "no tax purpose".
He said the arrangement only reflected a desire for privacy from his colleagues at HSBC in Hong Kong.
He said: "It was purely about privacy from colleagues in Hong Kong and Switzerland. We had a computer system back in the day that allowed everybody to inquire into staff accounts ... I was amongst the highest paid people and I wished to preserve my privacy from colleagues. Nothing more than that."
Perfectly understandable.  He went to the trouble of setting up a Panamanian holding company to control a secret Swiss bank account, purely for reasons of privacy.  Doesn't everyone?  Nothing to do with income tax, certainly.


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