Reliance Industries Limited Refutes Allegations Against Having Any HSBC Account In Geneva
Filed Under: Business, World | Posted: 11/09/2012 at 5:54AM
Comments | Region: India
Abrogating all allegations by IAC, Reliance Industries Limited (RIL) in an official statement, denied having any HSBC account in Geneva. It clearly announced neither the company nor Mukesh Ambani has or have had any illegal accounts anywhere in the world.
Reliance Industries Limited is India’s largest private sector company, having a turnover of thousands of crores of rupees, deals with several countries. Bearing in mind the size,scale, and significance of their business, it is a requisite for the international subsidiaries of the company to deal with several international banks including HSBC, for their daily activities. However, it confirms that all the accounts that the company deals, accords with all regulations and have been divulged in the corresponding jurisdictions in India.There seem to be vested interests behind these spateof constant baseless allegations by IAC, RIL responds.
The Swiss Unit of HSBC Plc. had previously apologized to RIL for erroneously including its name in the list of beneficiary account holders. The bank attributed administrative errors as a reason for the same and regretted for the inconvenience caused. It clearly stated that neither Mukesh Ambani nor RIL have been the owner of any beneficiary account with the private division of the bank in Switzerland.