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
Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness
RIYADH: Saudi stocks fell sharply on Tuesday, with the Tadawul All Share Index closing down 108.14 points, or 1.03 percent, at 10,381.51.
The broader decline was reflected across major indices. The MSCI Tadawul 30 Index slipped 0.78 percent to 1,378.00, while Nomu, the parallel market index, fell 1 percent to 23,040.79.
Market breadth was strongly negative on the main board, with 237 stocks falling compared to just 24 gainers. Trading activity remained robust, with 164.7 million shares changing hands and a total traded value of SR3.19 billion ($850.6 million).
Among the gainers, SEDCO Capital REIT Fund led, rising 2.73 percent to SR6.77, followed by Chubb Arabia Cooperative Insurance Co., which gained 2.69 percent to SR20.20.
National Medical Care Co. added 1.72 percent to close at SR141.60, while Alyamamah Steel Industries Co. and Thimar Advertising, Public Relations and Marketing Co. advanced 1.57 percent and 1.13 percent, respectively.
Losses were led by Al Masar Al Shamil Education Co., which tumbled 8.36 percent to SR24.65. Raoom Trading Co.fell 6.75 percent to SR64.20, while Alkhaleej Training and Education Co. dropped 6.60 percent to SR18.12 and Naqi Water Co. declined 5.51 percent to SR54.00. Gulf General Cooperative Insurance Co. closed 5.44 percent lower at SR3.65.
On the announcement front, Chubb Arabia Cooperative Insurance Co. signed a multiyear insurance agreement with Saudi Electricity Co. to provide various coverages, expected to positively impact its financial results over the 2025–2026 period. The deal will run for three years and two months and is within the company’s normal course of business.
Meanwhile, Bupa Arabia for Cooperative Insurance Co. announced a one-year health insurance contract with Saudi National Bank, valued at SR330.2 million, covering the bank’s employees and their families from January 2026. Despite the sizable contract, Bupa Arabia shares fell 0.8 percent to close at SR137, weighed down by the broader market weakness.
In contrast, United Cooperative Assurance Co. revealed an extension of its engineering insurance agreement with Saudi Binladin Group for the Grand Mosque expansion in Makkah. The contract value exceeds 20 percent of the company’s gross written premiums based on its latest audited financials and is expected to support results through 2026. However, the stock came under selling pressure, ending the session down 4.51 percent at SR3.39.
