SG Hambros

SG Hambros Gibraltar has reacted promptly to accusations of wrongdoing and, as one would expect, has rejected admitting any liability in respect to buying 100% of the private banking business of illegally-operating ABN AMRO N.V. Gibraltar Branch.

Lawyers acting for SG Hambros have confirmed that the take over was only in respect to the mortgage loan portfolio, and not the investment business.

This is stark contrast to what both firms publicised back in 2008.

Quietly though, alerted by the implications of having bought a business that could bring shame of the name SG Hambros Bank (Gibraltar), managing staff have reacted as one other bank -Nordea Banks S.A.- did: removing incriminating posts from internet.

The knee-jerk reaction is generally a clumsy move as not only does it leave a trail but too, ERVA has already pre-empted it by printing the original press release where SG Hambros confirms having acquired 100% of the Gibraltar-based private banking business of ABN AMRO Bank N.V. (Gibraltar).

This is the site where press releases are shown (the PR is of the 1st of July 2008).

This is the page that comes up when you click on the PR.

This is the press release viewers should have been able to read, had they not removed it.

SG Hambros is not new to complex tax-cheating artifices: it was already involved in a 2006 tax avoidance scheme that was busted by the HMRC last year.