Malkovich wins libel suit against French newspaper
Malkovich was named in Le Monde on a list of celebrities who allegedly held Swiss bank accounts
KEYSTONE/Ennio Leanza
The American actor John Malkovich has won a libel suit against the French newspaper Le Monde, which had reported that he held a secret bank account in Switzerland with the bank HSBC.
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The newspaper and two of its reporters were ordered by a French court to pay thousands of Euros in damages to Malkovich, according to Reuters and AFP.
The newspaper article in question, which ran in February 2015 as part of the so-called “SwissLeaks” global journalism investigation, claimed that Malkovich and a list of other celebrities held secret accounts with HSBC in Switzerland between 2005 and 2007.
Lawyers for Malkovich argued before the court that he had never held an HSBC account and that he had disclosed a share account not held in Switzerland to US tax authorities. He closed that account in 1999, one month before the institution that held it was acquired by the Swiss branch of HSBC, the lawyers testified.
In addition to paying fines, the court ordered Le Monde to print a retraction on its front page stating that Malkovich never held the account in question.
Le Monde’s lawyer, Christophe Bigot, has said the newspaper will appeal Friday’s ruling.
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HSBC apologises for Swiss branch’s past actions
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Under mounting pressure from the so-called Swissleaks revelations, HSBC boss apologised on Sunday for the role played by its Swiss branch in helping clients evade taxes eight years ago. The bank also claimed to have turned over a new leaf.
In an open letter addressed to HSBC customers, shareholders and colleagues, chief executive Stuart Gulliver apologised for the bank’s past actions. He claimed that the whole episode was a “painful experience” for the group.
“We must show we understand that the societies we serve expect more from us. We therefore offer our sincerest apologies,” stated the letter.
Sorry but…
However, the bank’s attempt to address the so-called Swissleaks revelations was far from a simple letter of apology. The bank stated that the media coverage of the data stolen by ex-employee Hervé Falciani must be put into context.
“Many of the people mentioned have no allegation of wrongdoing against them whatsoever but been named simply because they are well-known individuals,” the bank stated.
It also disputed the 100,000 clients figure mentioned in the media, claiming that the Swiss private banking arm only had 30,000 clients at its peak. In addition, HSBC questioned the accuracy of the stolen data suggesting that it could have been manipulated.
“It is unclear if the integrity of the data has been preserved, or even if the original data itself was complete and accurate. Recent allegations by a French law enforcement official in Nice, suggest that the data has been manipulated and could therefore contain material inaccuracies,” said another statement released by the bank.
Lesson learned?
HSBC also claimed that it no longer the same bank it was eight years ago.
“We have absolutely no appetite to do business with clients who are evading their taxes or who fail to meet our financial crime,” stated the letter.
The bank also released another statement showing the progress that has been made in overhauling the bank’s practices since 2007. It claims the latest figures show that it has “put compliance and tax transparency above profitability”. Measures stated include withdrawal from markets where due diligence is difficult and annual review of politically exposed persons.
The Swiss private bank has reduced the number of clients by almost a third, from 30,412 accounts in 2007 to 10,343 in 2014. It also slashed the amount of assets under management from $118.4 billion to $68 billion within the same period.
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HSBC has been placed under formal investigation by a French court and ordered to pay €1 billion (CHF1.04 billion) in bail in relation to alleged tax evasion abuses by its Swiss private banking branch.
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