French court charges UBS with €1.1 bn over tax fraud
A 1.1-billion-euro payment was imposed to Swiss Bank UBS by a French court by a French court, for allegedly helping rich French clients to hide money in Switzerland.
The bank made an appeal in July after charges of tax fraud but court ruled the amount should stand and the bank is supposed to pay by September 30.
UBS’s Swiss business is suspected of illegally canvassing French customers and setting up dual accounts to hide the movement of capital into Switzerland.
“UBS is very disappointed at the decision which fails to take into account the arguments put forward at the hearing,” according to a bank’s statement, adding it would launch an appeal.
The charges concern money kept in accounts in Switzerland between 2004 and 2012. A probe was launched after former UBS employees blew the whistle.
UBS denies the charges.
“We continue to believe that this is a highly politicised process that from the beginning of the investigation has not followed elementary facets of the rule of law,” the bank said.
Source: eubusiness- French court charges UBS with €1.1 bn over tax fraud
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