HSBC Agrees to Pay €300 Million to Settle French "Cum-Cum" Tax Case

Deep News01-08

HSBC Holdings PLC has agreed to pay approximately 300 million euros (350 million dollars) to settle criminal and tax cases in France, which relate to the bank's alleged role in the so-called "Cum-Cum" dividend tax avoidance scandal. This scandal also implicates some of France's largest banks.

On Thursday, a Paris judge outlined the settlement agreement in court and will decide later whether to approve it. The agreement would conclude the investigation by the French National Financial Prosecutor's Office (PNF) into HSBC, allowing the bank to avoid admitting any guilt. The settlement includes a fine of about 268 million euros and approximately 30 million euros in taxes.

HSBC representative Benjamin Rossan stated in court on Thursday that the bank acknowledges the related facts, which involve transactions conducted by Paris-based traders between 2014 and 2019. He added, "the correct amount of French taxes was not paid."

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