Brussels Judicial Authorities and HSBC agree out of court settlement worth 300 million euro

The Brussels Judicial Authorities have agreed an out of court settlement with the British bank HSBC. The financial daily ‘De Tijd’ reports that the settlement involves HSBC paying almost 300 million euro. This figure has been confirmed by VRT News sources. 

The Judicial Authorities have been investigating HSBC for many years. The bank's activities in Switzerland are of particular interest to the Belgian authorities. Via its Swiss division HSBC helped its customers, including many Belgians, to conceal undeclared income for many years.  

The Belgian Judicial Authorities got wind of the fraud in 2010 when the French Authorities handed over a CD-ROM containing data about Belgian residents’ bank accounts at HSBC Private Bank in the Swiss city of Geneva.     

Now an out of court settlement has been. The bank will pay 300 million euro and thus avoid a trial for fiscal fraud. The out of court settlement being applied is conditional to it being approved by the Judges’ Council Chamber.