Argentina's President Cristina Fernandez de Kirchner (C) addresses the
audience during a meeting of the annual Mercosur trade bloc presidential
summit in Mendoza June 29, 2012. (Credit: Reuters/Enrique Marcarian)

Chinese leader woos Latin America with deals

Chinese leader woos Latin America with deals
Chinese President Xi Jinping (4-L, first row) poses with leaders of the CELAC group of Latin American and Caribbean states, in Brasilia, on July 17, 2014 (AFP Photo/Nelson Almeida)
"A Summary" – Apr 2, 2011 (Kryon channelled by Lee Carroll) (Subjects: Religion, Shift of Human Consciousness, 2012, Intelligent/Benevolent Design, EU, South America, 5 Currencies, Water Cycle (Heat up, Mini Ice Ace, Oceans, Fish, Earthquakes ..), Middle East, Internet, Israel, Dictators, Palestine, US, Japan (Quake/Tsunami Disasters , People, Society ...), Nuclear Power Revealed, Hydro Power, Geothermal Power, Moon, Financial Institutes (Recession, Realign integrity values ..) , China, North Korea, Global Unity,..... etc.) -

“ … Here is another one. A change in what Human nature will allow for government. "Careful, Kryon, don't talk about politics. You'll get in trouble." I won't get in trouble. I'm going to tell you to watch for leadership that cares about you. "You mean politics is going to change?" It already has. It's beginning. Watch for it. You're going to see a total phase-out of old energy dictatorships eventually. The potential is that you're going to see that before 2013.

They're going to fall over, you know, because the energy of the population will not sustain an old energy leader ..."

"Update on Current Events" – Jul 23, 2011 (Kryon channelled by Lee Carroll) - (Subjects: The Humanization of God, Gaia, Shift of Human Consciousness, 2012, Benevolent Design, Financial Institutes (Recession, System to Change ...), Water Cycle (Heat up, Mini Ice Ace, Oceans, Fish, Earthquakes ..), Nuclear Power Revealed, Geothermal Power, Hydro Power, Drinking Water from Seawater, No need for Oil as Much, Middle East in Peace, Persia/Iran Uprising, Muhammad, Israel, DNA, Two Dictators to fall soon, Africa, China, (Old) Souls, Species to go, Whales to Humans, Global Unity,..... etc.)
(Subjects: Who/What is Kryon ?, Egypt Uprising, Iran/Persia Uprising, Peace in Middle East without Israel actively involved, Muhammad, "Conceptual" Youth Revolution, "Conceptual" Managed Business, Internet, Social Media, News Media, Google, Bankers, Global Unity,..... etc.)


.
A student holds a sign reading "Don't shoot, listen!!!" during a protest
on June 17, 2013 in Brasilia (AFP, Evaristo)

Brazil's Rousseff claims nation 'ready for greatest World Cup'

Brazil's Rousseff claims nation 'ready for greatest World Cup'
Google: Ready, set, goooaaallll! The WorldCup is finally here.

Paraguay police search S. American football HQ

Paraguay police search S. American football HQ
The Conmebol headquarters in Luque, Paraguay, is seen on January 7, 2016, during a raid within the framework of the FIFA corruption scandal (AFP Photo/Norberto Duarte)

'Panama Papers' law firm under the media's lenses

'Panama Papers' law firm under the media's lenses
The Panama Papers: key facts on the huge journalists' investigation into tax evasion (AFP Photo/Thomas Saint-Cricq, Philippe Mouche)

Mossack Fonseca

Mossack Fonseca

.

.
"The Recalibration of Awareness – Apr 20/21, 2012 (Kryon channeled by Lee Carroll) (Subjects: Old Energy, Recalibration Lectures, God / Creator, Religions/Spiritual systems (Catholic Church, Priests/Nun’s, Worship, John Paul Pope, Women in the Church otherwise church will go, Current Pope won’t do it), Middle East, Jews, Governments will change (Internet, Media, Democracies, Dictators, North Korea, Nations voted at once), Integrity (Businesses, Tobacco Companies, Bankers/ Financial Institutes, Pharmaceutical company to collapse), Illuminati (Started in Greece, with Shipping, Financial markets, Stock markets, Pharmaceutical money (fund to build Africa, to develop)), Shift of Human Consciousness, (Old) Souls, Women, Masters to/already come back, Global Unity.... etc.) - (Text version)

… The Shift in Human Nature

You're starting to see integrity change. Awareness recalibrates integrity, and the Human Being who would sit there and take advantage of another Human Being in an old energy would never do it in a new energy. The reason? It will become intuitive, so this is a shift in Human Nature as well, for in the past you have assumed that people take advantage of people first and integrity comes later. That's just ordinary Human nature.

In the past, Human nature expressed within governments worked like this: If you were stronger than the other one, you simply conquered them. If you were strong, it was an invitation to conquer. If you were weak, it was an invitation to be conquered. No one even thought about it. It was the way of things. The bigger you could have your armies, the better they would do when you sent them out to conquer. That's not how you think today. Did you notice?

Any country that thinks this way today will not survive, for humanity has discovered that the world goes far better by putting things together instead of tearing them apart. The new energy puts the weak and strong together in ways that make sense and that have integrity. Take a look at what happened to some of the businesses in this great land (USA). Up to 30 years ago, when you started realizing some of them didn't have integrity, you eliminated them. What happened to the tobacco companies when you realized they were knowingly addicting your children? Today, they still sell their products to less-aware countries, but that will also change.

What did you do a few years ago when you realized that your bankers were actually selling you homes that they knew you couldn't pay for later? They were walking away, smiling greedily, not thinking about the heartbreak that was to follow when a life's dream would be lost. Dear American, you are in a recession. However, this is like when you prune a tree and cut back the branches. When the tree grows back, you've got control and the branches will grow bigger and stronger than they were before, without the greed factor. Then, if you don't like the way it grows back, you'll prune it again! I tell you this because awareness is now in control of big money. It's right before your eyes, what you're doing. But fear often rules. …

Sunday, February 22, 2015

Swiss account secret of HSBC chief Stuart Gulliver revealed

Leaked files covering 2005-2007 show bank chief executive sheltered £5m of his own money at Panamanian company with Swiss HSBC account

Stuart Gulliver in Hong Kong in 2012: leaked files show that the HSBC chief
 executive was a client of the bank’s Swiss subsidiary at the centre of the scandal.
Photograph: Bloomberg via Getty Images

Stuart Gulliver, the HSBC chief executive who has vowed to reform the crisis-hit bank, sheltered millions of pounds in a Swiss account through a Panamanian company and remains tax domiciled in Hong Kong.

Leaked files show that the Derby-born Gulliver, who is due to present HSBC’s annual report on Monday in the wake of the international controversy over its Geneva-based private bank, was also one of its clients, holding about £5m in a Swiss account.

The bank executive was listed as the beneficial owner of an account in the name of Worcester Equities Inc, an anonymous company registered in Panama, containing a balance in 2007 of $7.6m. It was through this entity that Gulliver’s HSBC bonuses were paid until 2003. He also held a second account in the name of Worcester Foundation, which had been closed before 2007.

Although now based in the UK, where HSBC has its headquarters, Gulliver is domiciled in Hong Kong for legal and tax purposes.

The banking details have emerged as the 55-year-old Oxford University graduate, who became chief executive in January 2011, is due to face questions from reporters and investors for the first time since the Guardian and other media outlets published the leaked HSBC files, which revealed misconduct at the bank’s Swiss subsidiary.

The documents, covering 2005-07, detailed how the private bank was complicit in tax evasion and aggressive tax avoidance, doled out bricks of cash in mixed currencies to clients, and provided banking services to criminals, drug smugglers, and friends and families of dictators.

Gulliver has already personally signed a “sincere apology” which appeared in three newspapers last Sunday, saying “the standards to which we operate today were not universally in place in our Swiss operations 8 years ago”.

The bank is expected to announce on Monday full-year profits for 2014 in excess of £13bn – and Gulliver’s total compensation package has been predicted to be around £7.5m, although it was reported over the weekend that he may surrender some of his remuneration because the bank agreed to pay fines to settle unrelated allegations of foreign exchange rigging last year.

In response to queries from the Guardian about his personal account as revealed in the leaked files, a representative for Gulliver said he had made use of HSBC Suisse to hold his bonus payments prior to 2003, when he moved from Hong Kong to London.

Lawyers for Gulliver said that Hong Kong tax had been paid on this income – and explained that he “followed this procedure because he wanted his taxed bonus earnings to remain private from his then colleagues in Hong Kong, which they would not have done if he had kept them in an HSBC Hong Kong account”.

The Guardian asked Gulliver why he used a Panamanian company to hold the funds, given Swiss accounts already offer secrecy. His lawyers declined to answer.

Gulliver’s legal representatives added that his Swiss accounts have “for a number of years” been voluntarily declared to UK tax authorities. They declined to specify the exact date they were first declared.

Gulliver is also among those current and former clients of HSBC Suisse to take advantage of non-dom status. Gulliver is a registered non-dom based on his long residence in Hong Kong – now a special administrative region of China – which he considers to be his home, despite his UK-based position.

A representative for Gulliver said: “Having lived there since the 1980s, our client has become a permanent Hong Kong resident with right of abode, as has his wife who is an Australian national. Hong Kong continues to be their home albeit that our client now works primarily in the UK. As a matter of law, our client is domiciled in Hong Kong.”

Non-dom status can confer several tax advantages on those who claim the status compared with those domiciled in the UK. These include advantages in how inheritance tax is applied, but can also exempt worldwide income earned from outside the UK from incurring UK taxes – a system known as the remittance basis.

Gulliver’s lawyers confirmed he was “entitled to claim the benefit of the remittance basis”, but did not say whether or not he did so. If Gulliver were on the remittance basis, he would not need to pay tax on investment income held outside the UK – which would include holdings in Swiss bank accounts.

A representative for Gulliver said that he had paid all relevant income taxes: “Full UK tax has been paid on the entirety of his worldwide earnings less a credit for tax paid additionally in Hong Kong (where he is also tax resident) on that part of the same earnings doubly taxed.”

John Christensen, director of the Tax Justice Network, which has campaigned for abolition of non-dom tax benefits in the UK, said the non-dom quirk was particularly attractive for anybody who had accumulated assets such as homes and bonuses offshore, because any gains on offshore assets would be sheltered from UK tax.

“For my part I think it illustrates the absurdity of the rule, which should have been abolished many years ago. It serves no useful purpose and is hugely discriminatory against ordinary UK taxpayers,” he said.

Separately, Gulliver did not become employed by HSBC’s main holding company when he took over as chief executive of the bank in 2011. Documents seen by the Guardian at the time showed that Gulliver took the job of chief executive officer as a secondment from the Dutch-headquartered HSBC Asia Holdings, rather than take a straightforward appointment to the UK parent company.

A spokesman for HSBC said around 350 of its staff were employed through the Netherlands. “About 350 of the bank’s most internationally-mobile employees are employed by HSBC BV,” he said. “This enables them to be employed/seconded to any part of the global group without the need to change contracted employer.”

Representatives for Gulliver declined to explain for what purpose he was employed through the Netherlands subsidiary.

Gulliver has repeatedly emphasised to the public and to lawmakers that the culture of the bank, as well as its safeguards, has changed – both in the wake of the HSBC Files, and previous scandals including Libor rigging, and involvement with Mexican money laundering.

Since the publication of the HSBC files, the bank has been keen to stress that it has downsized the Swiss business, reducing the number of clients by 66%, to around 10,000. However, the total value of assets in those accounts – $68bn (£44bn) – has fallen by only 42%.

Douglas Flint and Stuart Gulliver appear before the Treasury select committee. 
Photograph: Reuters TV


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