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Argentina Tells HSBC to Remove CEO in Tax Evasion Dispute

  • HSBC's Argentine unit told to remove CEO and one director
  • HSBC accused of helping capital flight by wealthy Argentines
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Argentina’s central bank revoked the licenses of two top executives at HSBC Holdings Plc’s local unit, including the chief executive officer, arguing they had failed to prevent clients from laundering funds and evading taxes.

Gabriel Martino, the bank’s CEO, and Miguel Angel Estevez, a director, didn’t adequately manage risks at the institution or implement proper internal and external controls, the central bank said. HSBC must inform authorities of its plans to replace them within 24 hours.