Armin Schwarz, a driver on the World Rally Championship, has now filed a claim against the bank, saying that $1m was taken from his account in Monaco and that, despite repeated promises since last September that the monies would be refunded, he is still out of pocket.
Schwarz is believed to be one of 14 court claims brought against HSBC and its reputation in the principality has been severely damaged.
The clients were all managed by Stephen Troth, a senior British HSBC banker who specialised in media and entertainment accounts. He is currently in jail and facing charges of allegedly siphoning cash out of client accounts.
It is thought that HSBC has acted at the request of the judge handling Troth's case and has delayed refunding further cash to clients until after judgement has been made.
A spokesman for HSBC is quoted as saying: 'This has been a very disappointing episode for HSBC. We have settled in a number of cases and await the outcome of the (Troth) trial and legal advice on those remaining.'
HSBC Clients Revolt - $10m Missing
The Guardian reports that clients of HSBC's prestigious private banking unit in Monaco are angry as they claim that they have not been compensated for the disappearance of $10m from their accounts. Formula 1 Drivers Champion Michael Schumacher is believed to be one of the clients.
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