Feb 19 2012 |
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Qatari princes in multi-billion dollar suit against HSBC Private Bank: report
Heirs of late Qatari tycoon accuse HSBC of refusing access to dad's funds
Late Sheikh Khalifa bin Ali bin Abdullah Al Thani, a member of the ruling family, is believed to have deposits of more than two billion euros ($2.6 billion) with HSBC Private Bank, part of the London-based giant HSBC Group, the Arabic language daily Aleqtisadia said, quoting legal sources.
The paper said it had seen a copy of the suit filed by Sheikh Khalifa's heirs against that bank, which they accuse of "persistently refusing" to give them access to their father's account since he died in 2000.
"According to the sources, there are banks that have more than once concealed funds possessed by wealthy Arabs who died long time ago. One of these cases involved late Lebanese businessman Abu Qassim Hamoud whose wife claimed that just before his death that he had deposited nearly $50 million in an account."
© Emirates 24|7 2012
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Comments By Our Users (3)
HSBC would not act in such a manner unless there are specific reasons to prevent the firm from releasing the funds to the heirs. The Bank operates in a highly regulated environment and doing so malaciously would constitute serious violations.
Replies
I would certainly do the same as HSBC simply because if they gave way to one party then the flood gates would open for others and could spread right through out the middleast.
So you think the banking regulations are beyong reproach? I think if you read most reports about the 2008 financial crisis, you will find they mention lack of regulation. Furthermore the banks are very innovative at getting around regulations.
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