ZURICH: A former HSBC employee accused of stealing data on up to 24,000 secret Swiss accounts from the British lender and handing them to the French tax authorities has been arrested in Spain on a request by Swiss authorities seeking his extradition.
A spokeswoman for the Swiss justice department confirmed a French media report on Tuesday that Herve Falciani, a former HSBC computer specialist of dual Italian and French nationality, was arrested in Spain three weeks ago.
“The Swiss representation in Madrid deposited a formal extradition request with Spanish justice authorities on July 5,” she said. “It’s now up to Spanish authorities to decide.”
Spain’s justice ministry confirmed receiving the extradition petition, which goes to the cabinet within 40 days.
Swiss authorities allege Falciani passed confidential data he took from HSBC in Geneva to French tax authorities, breaching Swiss banking secrecy laws, before absconding.
In 2009, Falciani admitted leaking the data to French authorities, telling France 2 television the action was his civic duty.
“If you discover that ... offshore structures have no other aim than to avoid taxation and that the sole legitimacy of these structures is that purpose, what would you do?” he said. “You either play ostrich or you try to find out.”
Strict secrecy rules, which have helped Switzerland build up a $2 trillion offshore banking sector, have come under pressure as governments around the world look to clamp down on tax avoidance in the aftermath of the financial crisis.
Earlier this month, German tax authorities launched raids into Credit Suisse clients, some of whose names were culled from data stolen by an informant.
Former Julius Baer banker Rudolf Elmer, who helped bring the WikiLeaks website to prominence three years ago when he used it to publish client details to expose tax evasion, was found guilty in 2011 of breaching Swiss bank secrecy but was only sentenced to a minimal suspended fine.
Alleged HSBC data thief arrested in Spain
Alleged HSBC data thief arrested in Spain
Saudi investment pipeline active as reforms advance, says Pakistan minister
ALULA: Pakistan’s Finance Minister Mohammed Aurangzeb described Saudi Arabia as a “longstanding partner” and emphasized the importance of sustainable, mutually beneficial cooperation, particularly in key economic sectors.
Speaking to Arab News on the sidelines of the AlUla Conference for Emerging Market Economies, Aurangzeb said the relationship between Pakistan and Saudi Arabia remains resilient despite global geopolitical tensions.
“The Kingdom has been a longstanding partner of Pakistan for the longest time, and we are very grateful for how we have been supported through thick and thin, through rough patches and, even now that we have achieved macroeconomic stability, I think we are now well positioned for growth.”
Aurangzeb said the partnership has facilitated investment across several sectors, including minerals and mining, information technology, agriculture, and tourism. He cited an active pipeline of Saudi investments, including Wafi’s entry into Pakistan’s downstream oil and gas sector.
“The Kingdom has been very public about their appetite for the country, and the sectors are minerals and mining, IT, agriculture, tourism; and there are already investments which have come in. For example, Wafi came in (in terms of downstream oil and gas stations). There’s a very active pipeline.”
He said private sector activity is driving growth in these areas, while government-to-government cooperation is focused mainly on infrastructure development.
Acknowledging longstanding investor concerns related to bureaucracy and delays, Aurangzeb said Pakistan has made progress over the past two years through structural reforms and fiscal discipline, alongside efforts to improve the business environment.
“The last two years we have worked very hard in terms of structural reforms, in terms of what I call getting the basic hygiene right, in terms of the fiscal situation, the current economic situation (…) in terms of all those areas of getting the basic hygiene in a good place.”
Aurangzeb highlighted mining and refining as key areas of engagement, including discussions around the Reko Diq project, while stressing that talks with Saudi investors extend beyond individual ventures.
“From my perspective, it’s not just about one mine, the discussions will continue with the Saudi investors on a number of these areas.”
He also pointed to growing cooperation in the IT sector, particularly in artificial intelligence, noting that several Pakistani tech firms are already in discussions with Saudi counterparts or have established offices in the Kingdom.
Referring to recent talks with Saudi Minister of Economy and Planning Faisal Alibrahim, Aurangzeb said Pakistan’s large freelance workforce presents opportunities for deeper collaboration, provided skills development keeps pace with demand.
“I was just with (Saudi) minister of economy and planning, and he was specifically referring to the Pakistani tech talent, and he is absolutely right. We have the third-largest freelancer population in the world, and what we need to do is to ensure that we upscale, rescale, upgrade them.”
Aurangzeb also cited opportunities to benefit from Saudi Arabia’s experience in the energy sector and noted continued cooperation in defense production.
Looking ahead, he said Pakistan aims to recalibrate its relationship with Saudi Arabia toward trade and investment rather than reliance on aid.
“Our prime minister has been very clear that we want to move this entire discussion as we go forward from aid and support to trade and investment.”
