UBS ordered to pay record 4.5b euros in French tax trial

UBS Group AG was ordered to pay more than 4.5 billion euros (S$6.9 billion) by a Paris court that found the bank guilty of helping wealthy French clients stash funds in undeclared Swiss accounts. Shares of UBS fell as much as 4.8 per cent.
REUTERS

[PARIS] UBS Group AG was ordered to pay more than 4.5 billion euros (S$6.9 billion) by a Paris court that found the bank guilty of helping wealthy French clients stash funds in undeclared Swiss accounts. Shares of UBS fell as much as 4.8 per cent.

The Paris criminal court ruled on Wednesday that UBS illegally provided French customers with banking services to hide assets from tax authorities. The judge fined UBS 3.7 billion euros and added another 800 million euros in compensation to the French government.

“The criminal wrongdoings were of an exceptionally serious nature,” said Presiding Judge Christine Mee. “These acts were committed behind the veil of opacity.”

For eight years now, UBS has been dealing with the French probe – and bad press. Ahead of last year’s trial, the lender was accused in the indictment of dispatching Swiss bankers across the border to seek out new clients even though they lacked the paperwork to offer such services in France, and also laundering customers’ undeclared funds.

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About Cholo Brooks 13375 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.