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Former HSBC Swiss private bank exec cleared from French tax case

A Paris court dropped a case against Judah Elmaleh, a former executive at HSBC Holdings PLC's Swiss private bank, for allegedly helping wealthy French clients avoid taxes and encouraging them to move funds to Switzerland, Bloomberg News reported.

The court's judges said there was a lack of clear evidence against Elmaleh's involvement in 2006 and 2007, according to the Aug. 28 report.

The previously unreported nonpublic decision dated Jan. 4 was made in the same month when the Swiss private bank's CEO, Peter Braunwalder, was fined €500,000 after pleading guilty to similar charges, the news agency added.

HSBC fired Elmaleh in 2012 amid a separate money laundering investigation focused on his three brothers, Bloomberg reported.

In November 2017, HSBC reached a €300 million settlement with the French financial prosecutor over allegations in the same case.