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Fernando Alonso was accused of $42 million worth tax evasion

Ananya Bangera

Fernando Alonso was accused of $42 million worth tax evasion

Fernando Alonso was accused of hiding millions of dollars in secret Swiss bank accounts when he was a McLaren driver.

The Swiss division of HSBC was one of the most exclusive banking institutions in the world until systems engineer Hervé Falciani leaked data about more than 100,000 suspected tax evaders from his employer.

According to the American news network Bloomberg, HSBC is one of the many Swiss banking institutions which is being investigated for allowing clients to deposit cash without disclosing their identities.

Thanks to Falciani, who leaked information to various countries whose residents held undisclosed accounts at HSBC in 2006 and 2007.

This so-called “Falciani list,” featured thousands of names of people with Swiss accounts who allegedly used the HSBC bank to dodge taxes by placing money offshore.

A report released by The International Consortium of Investigative Journalists revealed the contents of the list which included several names from international motorsport.

Fernando Alonso was reported to be one of them. It was said that the Spanish driver had an account with the bank from 2002 to 2010. While he also took up residence in Switzerland from 2006 to 2010.

Alonso moved back to Spain in 2010 to be closer to his friends and family. And in response to the move, which reportedly cost him $76 million in taxes, he told The Mirror, “It’s great to go home. I’m happy to pay the money. I’m not poor – just a little bit less rich now.”

Also read: Fernando Alonso once received a lawsuit for $6000 worth damages

Fernando Alonso accused of holding $42 million

Alonso’s manager, Luis Garcia Abad, told ICIJ that the majority of Alonso’s assets have subsequently been transferred back to Spain. And that any accounts and investments he had in Swiss institutions have always been declared to Spanish authorities.

Along with Alonso, seven-time Formula One champion Michael Schumacher, former Renault team boss Flavio Briatore and former F1 driver Heikki Kovalainen are also named.

As reported by the Spanish news agency EFE, the then McLaren driver was accused of holding $42 million in four separate accounts.

On being included on this list of the bank’s clients, the two-time F1 world champion had to bear serious damages caused to his public image.

And as a result, he then threatened to sue over damage to his reputation. EFE also claims Alonso confirmed in a statement that he has ordered the “filing of several lawsuits” in response to the media revelations.

Briatore, who was managerially connected to both Alonso and Kovalainenlso hit back at the allegations, stating that his “accounts with HSBC had for years been reported to the authorities who never found any tax irregularities.”

According to reports, Briatore held $72 million in nine HSBC accounts. Meanwhile, some of the others on the list went on to settle their tax affairs. Which also included MotoGP star Valentino Rossi, who held a maximum amount of $23.9 million in two accounts.

Also read: German Magazine owed $54,780 to Michael Schumacher in damages after publishing ‘fake’ news

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