MercoPress. South Atlantic News Agency
Argentina revokes license of HSBC president for not preventing tax evasion
Argentina's Central Bank (BCRA) has revoked the license of Gabriel Martino as president of the HSBC, forcing him to step down from his post. The entity commanded by Alejandro Vanoli considered Martino responsible for failing to establish “necessary” control mechanisms to prevent clients from evading taxes and moving capital abroad. Read full article
Comments
Disclaimer & comment rulesWell they said they would and now the corrupt argie bastards have shot themselves in both feet and both hands: a neat trick.
Sep 02nd, 2015 - 12:53 pm - Link - Report abuse 0What message does it say to the world (as if they needed the warning): “piss off, we do what we want with money in the country whether it's ours or yours”.
I imagine LUNATIC is hopping around with all those nails in the argie coffin of state.
I have trouble understanding this. In order to institute “appropriate controls” you would need to know HOW crimes, if any, were being committed. Surely Kirchner crimes would be exempt. But then Kirchner crimes would have had to be described. Only Kirchner could do that. What does Martino know?
Sep 02nd, 2015 - 01:13 pm - Link - Report abuse 0Any thing bad that happens to HSBC is well earned.
Sep 02nd, 2015 - 04:16 pm - Link - Report abuse 0I'm afraid this however may be a blessing in disguise as it could hasten their exit from a flawed market.
Another job going for Rossi's daughter, fresh out of her Pampas.
Sep 02nd, 2015 - 05:18 pm - Link - Report abuse 0@4 PB
Sep 02nd, 2015 - 08:12 pm - Link - Report abuse 0I admire your wit.
:-)
As an aside, does this mean Fat Max is the primary end-user of these legendary 'Blue-Pampas' that Kristina talks of?
:-)
(For others, 'Pampers' is a trademark nappy/diaper brand)
Good for the Argentine government for reigning on a bank that has given abundant signs of caring about zero for small things such as the law.
Sep 02nd, 2015 - 08:12 pm - Link - Report abuse 0Over 4,000 undeclared accounts of Argentine residents in HSBC Geneva is one of those small things. Lack of co-operation during the investigation is another.
All's well that ends well.
@6 EM
Sep 02nd, 2015 - 08:33 pm - Link - Report abuse 0Do we know the names of the account holders in Geneva?
I don't think this has ended yet. Nor do I think it will end well.
HSBC British bank. Colludes in cheating customers. Foreign banks OUT of Argentina immediately and unconditionally.
Sep 02nd, 2015 - 11:11 pm - Link - Report abuse 0@8 GcT
Sep 02nd, 2015 - 11:16 pm - Link - Report abuse 0I think your wish may come true.
No-one wants to do business with Argentina anymore.
Except a few 'off-shore' ones that are guarding all that money kristina stole from YOU!
#7 ilsen
Sep 02nd, 2015 - 11:35 pm - Link - Report abuse 0The Buenos Aires Herald had access to a partial list that includes...major firms such as Clarín Group’s Cablevisión, power distributor Edesur and cement manufacturer Loma Negra and individuals such as former Central Bank head Alfonso Prat Gay, former YPF head Sebastián Eskenazi and the late journalist Bernardo Neustadt.
http://www.buenosairesherald.com/article/176013/afip-gives-final-warning-to-hsbc-account-holders
@10 EM
Sep 03rd, 2015 - 12:15 am - Link - Report abuse 0Thank you for replying.
Indeed, it would, at first instance, appear that the corruption is indeed, widespread.
However, full reading of the article shows just what murky waters are to be investigated. A lot of denials, and only a few anti-kircherners 'exposed'.
I am sure much more will come to light, under the discretion of your own dear Kristina, of course.
#11 ilsen
Sep 03rd, 2015 - 05:31 am - Link - Report abuse 0The HSBC affair was uncovered thanks to an individual whistleblower, Hervé Falciani, which makes one wonder how many other financial institutions resort to similar practices and just go undetected. The scheme apparently allowed for laundering money from illegal schemes including narco traffic.
Apparently, bank officials approached clients during bank social events and let them know how they could evade taxes by sending their money to their Geneva subsidiary. The scheme worked in the U.S. and other countries.
Now, you picture how significant this is and add to it the effect of a foreign debt of dubious legitimacy as well as the harassment by rapacious financiers (vultures) who took advantage of the country's default, and you tell me if a developing country needs this sort of bleeding of resources on top of everything else. Add to that the fact that this has existed probably for a long time--perhaps in an even worse manner.
It is extraordinary that EM it in complete denial of the rampant corruption involving the K's. Why is that? He really is out of step with Argentines who actually live in Argentina, they know their government is corrupt.
Sep 03rd, 2015 - 07:37 am - Link - Report abuse 0I am not sure why EM needs to link internal corruption with valid claims from government debt to external creditors?
Sep 04th, 2015 - 02:05 am - Link - Report abuse 0or is it more 'woe is me' ?
He admits narco-traffiking and money laundering is a problem but then adds foreign debts as an additional burden? hmmm....
Japan and South Korea were once developing nations, as we all were/are...
hmmm.....
13 ElaineB
Sep 05th, 2015 - 06:23 am - Link - Report abuse 0“Argentines who actually live in Argentina, they know their government is corrupt.”
Come on Elaine, B serious!
Nearly 40 per cent of voters who voted for Victory Front candidate Daniel Scioli in the preliminary election. Would they be Martians?
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