HSBC tax avoidance scandal: Nina Ricci heir faced trial for hiding £13.9m from French authorities

PARIS: The heir to the Nina Ricci perfume fortune went on trial for hiding €18.7 million (£13.9 million) from French authorities in what is seen as a test case concerning the HSBC tax avoidance scandal.

Arlette Ricci, 74, is among the first of around 50 wealthy French nationals to face a judge for concealing money from France’s tax authorities in Switzerland.

The trial comes two months after the Swiss branch of HSBC, Britain’s biggest bank, was placed under official investigation over allegations that it helped wealthy customers commit tax fraud. HSBC Private Bank also faces charges from the Belgian authorities.

Last week, a leaked report revealed that HSBC’s Swiss arm had helped 8,844 wealthy Britons avoid millions of pounds in tax.