Top banker grilled on offshore companies

Wednesday, 12 January 2011 at 14:09

The Isle of Man was under the spotlight yesterday (Tuesday) as MPs urged Barclays' chief executive to close down its offshore companies.

At a United Kingdom Treasury Select Committee hearing, Bob Diamond was quizzed by Labour MP Chuka Umunna about its offshore firms, 30 of which are based in the Isle of Man.

Mr Diamond denied evading taxes, saying instead Barclays aimed for 'tax efficiency'.

But the United Kingdom's highest paid banker faced a tough time as Mr Umunna pressed him on tax and offshore jurisdictions:

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