Former Enemalta chairman Tancred Tabone’s “potential” was valued at more than $10 million by bankers at HSBC’s secretive Swiss arm, according to leaked files.
Mr Tabone, who stands charged with corruption during his tenure at Enemalta between 2003 and 2005, is the only named Maltese client in the Swiss Leaks saga.
UK newspaper The Guardian yesterday reported how HSBC had set up an offshore trust in Jersey for Mr Tabone in which he deposited $1 million. According to the newspaper, Mr Tabone planned to transfer more funds, quoting internal bank communications noting that “the potential is evaluated [at] over $10m”.
Bankers also noted that Mr Tabone was “personally known by… HSBC Malta”.
Mr Tabone’s lawyer told The Guardian that, insofar as the criminal proceedings in Malta were concerned, her client has denied all charges against him.
His fiscal affairs in that respect are in order
She reiterated that Mr Tabone had given the clearance to the Swiss authorities to provide all the information related to the account. “His fiscal affairs in that respect are in order.”
A Swiss account belonging to Mr Tabone, where oil commissions were allegedly deposited, had been mentioned during the court proceedings in Malta in 2013. It is unclear whether this account was the one that came to light now. Mr Tabone had denied he was the recipient of oil commissions, insisting money in the Swiss account was used for holiday purposes.
The Finance Minister asked the Commissioner for Revenue last Monday to seek information after the International Consortium of Investigative Journalists published data 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 information then found itself at French newspaper Le Monde that shared it with ICIJ.
The data showed that Maltese account holders had $687.4 million stashed away in HSBC Switzerland. 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 showed that its Swiss arm was actively helping clients to dodge taxes in their countries. The bank has acknowledged that its Swiss private bank had adopted questionable practices before 2008.