Tancred Tabone had deposited $1 million in Jersey offshore trust set up by HSBC Switzerland
Former Enemalta chairman Tancred Tabone had set up a Jersey offshore trust into which he deposited $1 million, according to the HSBC data revealed in Swiss leaks.
Reporting on the matter today, The Guardian said Mr Tabone planned to transfer more funds, with the bank noting “the potential is evaluated [at] over $10m”.
HSBC noted that Mr Tabone was “personally known by … HSBC Malta”.
Mr Tabone is undergoing court proceedings on charges of corruption in oil procurement during his tenure at Enemalta.
He was charged in 2013 over alleged corruption in 2005.
The Guardian quoted Mr Tabone’s lawyer saying he denied all criminal charges against him and had “formally authorised the Swiss authorities to provide all that information … his fiscal affairs in that respect are in order”.
On Monday, the Finance Minister asked the Commissioner for Revenue to request information after the International Consortium of Investigative Journalists published data that was stolen by a former employee of HSBC’s private bank in Switzerland.
The former employee, who styles himself as a whistle blower, had passed on the data to the French authorities in 2008.
The data showed that Maltese account holders had $687.4 million stashed away in HSBC Switzerland – more than people from Cyprus or Libya, among others.
There were 71 Malta-based clients holding 139 bank accounts but the ICIJ has, so far, only named Mr Tabone. Times of Malta does not have access to the list.
HSBC has come under fire after the leaks, which include communication between bank officials and clients, showed that the Swiss arm was actively helping clients to dodge taxes in their countries.
