Ex-HSBC Exec Tells Jury $3.5B Forex Deal Was Aboveboard

Law360, New York (October 11, 2017, 9:07 PM EDT) -- A former HSBC foreign exchange executive took the witness stand Wednesday at his trial over claims that he used a $3.5 billion forex transaction to enrich the bank at the expense of Scottish oil and gas developer Cairn Energy PLC, telling a New York federal jury that there was nothing improper about the execution of the deal.

British national Mark Johnson defended his Dec. 7, 2011 actions when Cairn directed HSBC to execute an exchange of the proceeds from its sale of a stake in an Indian subsidiary from U.S. dollars to...
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