HSBC ordered to pay $1B bail in tax probe

April 9, 2015 2:23 PM

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French authorities have ordered global bank HSBC Holdings plc (HSBC) to pay $1.07 billion in bail for a criminal tax-evasion investigation involving its Swiss private bank.

London-based HSBC disclosed the development Thursday, confirming that French magistrates have opened a formal investigation of "alleged tax related offenses" during 2006 and 2007.

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